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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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OWNERSHIP LIABILITY: The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.

     See also | unlimited liability | limited liability | proprietorship | partnership | corporation | enterprise | legal business organizations | business | debt | proprietorship | partnership | corporation | wealth | asset | bank | value | production | incentive | bankruptcy | business | firm | company | production | production cost | supply | entrepreneurship | microeconomics | private sector | institution | business sector | business objectives | profit maximization | natural selection | plant | factory | industry | business cycle | political views | corporate profits | second estate | free enterprise | ownership and control | short-run production analysis |


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OWNERSHIP LIABILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].


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CAPITAL DEPRECIATION

The wearing out, breaking down, or technological obsolescence of physical capital that results from use in the production of goods and services. To paraphrase an old saying, "You can't make a car without breaking a few socket wrenches." In other words, when capital is used over and over again to produce goods and services, it wears down from such use.

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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for malfunctioning pocket calculators.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

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