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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 9: Macro Basics | Unit 2: Macro Problems
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Page: 5 of 16
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Unemployment exists when resources, specially labor, are willing and able to produce goods but are not employed because no one is buying production.- Voluntary unemployment occurs when people choose not to work.
- Involuntary unemployment occurs when people are willing to work, but can't find employment.
Unemployment problems:- The economy suffers because unemployed resources are not producing goods to lessen the scarcity problem.
- The unemployed suffer personal hardships and a lower living standard.
Production lost from unemployed resources can never be recouped.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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D
Demand
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