ECON 101 Chapter Notes - Chapter 7: Diminishing Returns, Resource Allocation, Marginal Cost
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ECON 101 Full Course Notes
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Single proprietorship - a firm that has one owner who is personally responsible for the firms actions and debts. Ordinary partnership - a firm that has two or more joint owners, each of whom is personally responsible for the firm"s actions and debts. Corporation - a firm that has legal existence separate from that of the owners. State-owned enterprise - a firm that is owned by the government. Non-profit organization - firms that provide goods and service with the objective of just covering their costs. These are often called ngo"s or non-governmental organizations. Multination enterprises (mnes) - firms that have operations in more than one country. These have increased over the years due to globalization. Equity- funds provided by the owners of the firm. In corporations this is done by selling parts of the company for stocks,shares or equities. The money from equities go back into the company and the purchaser now has risked loss or gaining gaining profit.
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Related Questions
Match Column A with Column B
1) Partnership | a) a business owned by one person who is personally liable for all losses |
2) Proprietorship | b) An artificial being created by a state |
3) Limited partnership | c) two or more persons combine their efforts for a single transaction |
4) Corporation | d) created when shareholders elect to be treates as partners for tax purposes |
5) legal capacity | e) created by an agreement between two or more persons who agree to share profits and losses |
6) buy-and-sell agreement | f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest. |
7) Subchapter S corporation | g) the ability of an organization to sue or to own property |
8) joint venture | h) exists when some partners are treated like shareholders for liability purposes |
9) limited liability company | i) tax doctine that allows income to be taxed at the owner level, not the organization level |
10) "pass through" | j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation. |
Question 1: Answer the following MC questions...
a). | Samuel F.B. Morse patented the (5 points) | ||||||||
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b). | Your friend wants to open a clothing shop. A necessary capital resource is a (5 points) | ||||||||
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c). | Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this? (5 points) | ||||||||
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d). | Your friend hopes to expand her business to multiple locations. It would be best for her to create a (5 points) | ||||||||
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e). | Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth? (5 points) | ||||||||
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f). | An oligopoly is a market for a good or service that (5 points) | ||||||||
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g). | The greatest goal in advertising is to convince us (5 points) | ||||||||
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h). | "Don't be like John, who had no health insurance when he needed emergency surgery. We make health insurance easy and affordable." This advertisement targets your (5 points) | ||||||||
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i). | Why do monopolies and oligarchies benefit producers over consumers? (5 points) | ||||||||
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