ECON 101 Chapter Notes - Chapter 7: Average Cost, Average Variable Cost, Financial Capital
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ECON 101 Full Course Notes
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Document Summary
Single proprietorship one owner-manager, personally responsible and liable. Ordinary partnership two or more owners, personally responsible for all the partnership"s debts. Limited partnership general partners (liable for all the firms debts) and limited partners (no part in running the business, limited liability to the amount they"ve invested in the company) Corporation separate entity, owners aren"t personally responsible (though directors may be: shares private (not traded) vs. public (traded on stock exchanges) corporation. State owned enterprise state-appointed board, similar organization and legal status as a corporation, aka crown corporations. Non-profit organizations profit goes back into the organization, revenues = sales and donations. Multinational enterprises locations in more than one country. International trade business transactions between different mnes (includes different regional operations of the same corporation) Globalization evidenced by growing number of mnes. Government agencies goods and services provided to citizens who aren"t directly charged; financed through tax revenues.
