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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 21: Factor Demand | Unit 2: Derived Demand
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Page: 7 of 24
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- The demand for a factor of production is derived from the demand for production.
- Specific definitions:
- Factor demand is the demand for the use of the productive services of resources, or factors of production, which is the prices buyers are willing and able to pay at for a range of different quantities.
- And factor demand is a derived demand.
- Derived demand is the demand for the services of a resource or factor of production resulting from the demand for the good or service produced.
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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for small children selling products door-to-door.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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D-J
Dow Jones
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