ECO100Y5 Chapter Notes - Chapter 7: Opportunity Cost, Production Function, Variable Cost
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ECO100Y5 Full Course Notes
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Document Summary
Single proprietorship; has one owner who is personally responsible for irms acions and debts. Ordinary partnership; at least two joint owners, each is personally responsible for acions and debts. Limited partnership; has two classes of owners: general partners; take part in managing irm and personally liable for acions and debts o. Limited partners; no part in management of irm and risk only money they have invested. Corporaion; has legal existence separate of that of owners o o. Non-proit; provide goods/services with objecive of covering costs, aka ngo. Muli-naional enterprise (mne); irms that have operaions in more than one country. Money raised for carrying on business called inancial capital. Equity; funds provided by owners of irm o o. Corporaions ask for funds in return for stocks, shares, or equiies. Debt; funds borrowed from creditors (individual or insituional) outside the irm o o o o.
