ECON 101 Chapter Notes - Chapter 7: Longrun

• School: UBC
• Department: Economics
• Course: ECON 101
• Professor: Robert Gateman

Document Summary

What are firms: single proprietorship > a firm that has one owner who is personally responsible for the firm"s actions and debt"s, ordinary partnership > a firm that has two or more joint owners, each of whom is personally responsible for te firms actions and debts, limited partnership > a firm that has two classes of owners; general who take part in managing the firm and are personally liable for the firms actions and debts and limited who take no part in the management of the firm an risk only the money that they have invested, corporation > a firm that has a legal existence separate from that of the owners, state owned enterprise > a firm that is owned y the government, crow corporations, npo"s > firms that provide goods and services with the objective of just covering their costs ngo"s, multionational enterprise > firms that have operations in more than one country.