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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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Lesson 13: The Firm | Unit 3: Legal Types
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Page: 12 of 24
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Three legal types of business: - Proprietorship A proprietorship is a firm owned and operated by a single person. For a proprietorship the owner IS the firm.
- Partnership A partnership is a firm owned and operated, more or less equally, by a two or more people. The primary difference between a partnership and a proprietorship is the number of owners.
- Corporation A corporation is a firm with distinct legal entity, which exists separately from the owners. A corporation can have any number of owners, some have millions of owners.
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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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SIC
Standard Industrial Classification
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