ECON 101 Chapter Notes - Chapter 7: Diminishing Returns, Resource Allocation, Marginal Cost

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23 Jun 2016
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ECON 101 Full Course Notes
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Single proprietorship - a firm that has one owner who is personally responsible for the firms actions and debts. Ordinary partnership - a firm that has two or more joint owners, each of whom is personally responsible for the firm"s actions and debts. Corporation - a firm that has legal existence separate from that of the owners. State-owned enterprise - a firm that is owned by the government. Non-profit organization - firms that provide goods and service with the objective of just covering their costs. These are often called ngo"s or non-governmental organizations. Multination enterprises (mnes) - firms that have operations in more than one country. These have increased over the years due to globalization. Equity- funds provided by the owners of the firm. In corporations this is done by selling parts of the company for stocks,shares or equities. The money from equities go back into the company and the purchaser now has risked loss or gaining gaining profit.

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