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March 5, 2024 

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LEGAL TYPES: The three primary types of legal firm organizations are: (1) proprietorship, (2) partnership, and (3) corporation. One primary difference between these three legal types are number of owners -- proprietorship has one, partnership has two or more (but usually a small number), and corporation can have anywhere from one or to millions. A second difference is the liability of the owners -- proprietorship and partnership owners have unlimited liability and corporation owners have limited liability. Three newer firm types include (1) limited partnership, (2) S corporation, and (3) limited liability company. Each of these three are hybrids, with characteristics of proprietorship, partnership, corporation.

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Lesson Contents
Unit 1: The Concept
  • A Definition
  • So What?
  • Unit 1 Summary
  • Unit 2: Resources
  • Factors
  • Working Together
  • Free or Scarce?
  • Comparisons
  • Unit 2 Summary
  • Unit 3: Opportunity Cost
  • The Concept
  • Economic Cost
  • Unit 3 Summary
  • Unit 4: College Cost
  • Out of Pocket
  • What Else?
  • Unit 4 Summary
  • Unit 5: THE Problem
  • No Free Lunch
  • Solutions?
  • Unit 5 Summary
  • Course Home
    Scarcity

    In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity.

    • The first unit, A Big Problem, examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
    • The second unit, Resources, discusses the four basic categories of limited resources -- labor, capital, land, and entrepreneurship -- which produce the goods that are used to satisfy unlimited wants and needs.
    • In the third unit, Opportunity Cost, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
    • We then turn out attention in the fourth unit, College Cost, to a simple example of the explicit and implicit costs of attending college.
    • The fifth and final unit, THE Big Problem, in this lesson then ponders why scarcity is considered THE economic problem and provides a little insight into why economists are grumpy.

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    FALLACY OF COMPOSITION

    The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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    APLS

    PURPLE SMARPHIN
    [What's This?]

    Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for poorly written technical manuals.
    Your Complete Scope

    This isn't me! What am I?

    A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
    "All things are difficult before they are easy."

    -- Thomas Fuller, Physician

    COD
    Cash on Delivery
    A PEDestrian's Guide
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