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VERTICAL INTEGRATION: The situation in which a firm participates in more than one successive stage of the production or distribution process. For example a soft drink company that also controls a sugar-producing firm is said to be vertically integrated because the soft drink company does not have to buy sugar from other firms to produce soft drinks. In some cases, two separate firms are vertically integrate because one firm produces a good or service and the other distributes it.

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Lesson Contents
Unit 1: Introduction
  • A Definition
  • Doing Production
  • Entrepreneurship
  • Capital
  • The Industry
  • Unit 1 Summary
  • Unit 2: Objectives
  • Staying Alive
  • Profit And Maximization
  • Real World Firms
  • Natural Selection
  • Unit 2 Summary
  • Unit 3: Legal Types
  • Types
  • Proprietorship
  • Partnership
  • Corporation
  • Other Options
  • Liability
  • Unit 3 Summary
  • Unit 4: U.S. Firms
  • Legal Types
  • By Industry
  • Unit 4 Summary
  • Unit 5: The Bigger Picture
  • Market Structures
  • Business Sector
  • Unit 5 Summary
  • Course Home
    The Firm

    This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt.

    • The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
    • In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
    • The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
    • The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
    • The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.

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    ENTREPRENEURIAL BEHAVIOR

    A preference for changing the status quo over maintaining it based on relatively greater satisfaction generated by novel information over redundant information. Entrepreneurial behavior underlies the inclination to undertake invention and innovation, including the creation of something new as well as the distribution and adoption of the new throughout society. It is the behavior most likely exhibited by entrepreneurship. An alternative is managerial behavior, which is a preference for maintaining the status quo over changing it.

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    APLS

    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
    Your Complete Scope

    This isn't me! What am I?

    Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

    AR(N)
    A nth-order Autoregressive Process
    A PEDestrian's Guide
    Xtra Credit
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