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ECON 208 Chapter 7 - Textbook Notes.pdf

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Economics (Arts)
ECON 208
Lee Ohanian

Chapter 7Producers in the Short Run 71 What are Firms Organisation of Firms 1 Single proprietorship x Has one owner who is personally responsible for the firms actions and debts 2 Ordinary partnership x Has two or more joint owners each of whom is personally responsible for the firms actions and debts 3 Limited partnership x Has two classes of owners x General partners x Take part in managing the firm x Are personally liable for the firms actions and debts x Limited partners x Take no part in the management of the firm x Risk only the money that they have invested 4 Corporation x Has a legal existence separate from that of the owners x Owners not personally responsible x Privatex Shares not traded on any stock exchange x Public x Shares traded on stock exchanges 5 Stateowned enterprise x Owned by the government x Under the direction of a more or less independent stateappointed board x Organisation and legal status similar to corporation 6 Nonprofit organisations x Provide goods and services with the objective of just covering their costs x Earn their revenues from sales and donations Multinational Enterprises MNEs x Firms that have operations in more than one country x Their growing number reveals an increasing role for these corporations in the ongoing process of globalisation Not all production in the economy takes place within firms Many government agencies provide goods and services financed by tax revenues
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