ECON 110 Chapter Notes - Chapter 7: Production Function, Marginal Cost, Average Variable Cost

• School: Queen's University
• Department: Economics
• Course: ECON 110
• Professor: Ian James Cromb

Document Summary

A single proprietorship has one owner-manager who is personally responsible for all aspects of the business, including its debts. An ordinary partnership has two or more joint owners, each of whom is personally responsible for all the partnership debts. The limited partnership provides for two types of partners: general: take part in running the business and are liable for business debts, limited: take no part in running business & liability is limited to their investment. A state-owned enterprise is owned by the gov"t but is usually under the direction of a more or less independent, state-appointed board. Although its ownership differs, the org and legal status of a state-owned enterprise are similar to those of a corporation. Multinational enterprises are companies that have locations in more than one country. The money a firm raises for carrying on its own business is sometimes called it financial capital, as distint from its real capital, which is the firms physical assets.