ECON 208 Lecture Notes - Lecture 7: Marginal Product, Fixed Cost, Diminishing Returns

• School: McGill University
• Department: Economics
• Course: ECON 208
• Professor: Irakli Japaridize

Document Summary

Organization of firms : 6 basic types: single proprietorships, ordinary partnerships, limited partnerships: A firm that has one owner who is personally. A firm that has two or more joint owners, each of responsible for the firm"s actions and debts a lot ofrisk whom is personally responsible for the firm"s actions and debts. In canada, these are called crown corporations. objective of just covering their costs. These are often called ngos, for non-governmental organizations. A firm that has existence separate from that of the owners: state-owned ( crown ) corporations: A firm that is owned by the: non-profit organizations: Firms that provide goods and services with the. Some firms are transnational corporations (tncs), or often called multinational enterprises (mnes). Firms use financial capital equity and debt. A firm acquires funds from its owners in return to stocks, shares, or equity (as they are variously called). Profits may be distributed as dividends, or may be retained.