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LIMITED PARTNERSHIP: A partnership in which one or more of the partners/owners has/have limited liability. This differs from regular partnerships in which each partner has unlimited liability. The limited partnership legal structure was created to provide liability protection to "partners" seeking investment opportunities, who did not want to participate in the actual management of the firm. While these limited partners are very much like corporation shareholders, the difference is that at least one partner must have unlimited liability.
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Lesson 12: Business Cycles | Unit 4: Causes
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Page: 22 of 26
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- Why complexity of the economy makes it difficult to identify, without debate or question, THE cause of business cycles.
- The investment cause of business cycles, based on the volatility of investment, how investment is affected by interest rates, how interest rates change over the business cycle, and the time it takes to produce capital goods.
- Why the investment cause implies the use of fiscal policy and why pro-government types like this explanation.
- The politics cause of business cycles, based on politicians seeking re-election, government's ability to control the economy, and voters voting their pocketbooks.
- Why the politics cause implies the best policy is no policy and why anti-government types like this explanation.
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AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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LIML
Limited Information Maximum Likelihood
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