MGEA01H3 Chapter Notes - Chapter 7: Fixed Cost, Maximum Capacity, Average Variable Cost

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA01H3
• Professor: Michael Ho

Document Summary

Single proprietorships: a firm that has one owner who is personally responsible for the firm"s actions and debts. Ordinary partnerships: a firm that has two or more joint owners, each of whom is personally responsible for the firms actions and (all the partnership"s) debts. Limited partnerships: less common than ordinary ownership, two types of partners (cid:1) general partners: take part in the running of the business and are liable for all the firm"s debts (cid:1) Limited partners: take no part in the running of the business, and their liability is limited to the amount they actually invest in the enterprise. Corporations: a firm that has a legal existence separate from that of the owners. Non-profit organizations (ngos: firms that provide goods and services with the objective of just covering their costs, any profits generated will remain in the organization and will not be claimed by any individuals. Multinational enterprises (mnes: firms that have operations in more than one country.