ECO100Y5 Chapter Notes - Chapter 7: Opportunity Cost, Production Function
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ECO100Y5 Full Course Notes
Verified Note
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Document Summary
Single proprietorship; has one owner who is personally responsible for firms actions and. Ordinary partnership; at least two joint owners, each is personally responsible for actions and debts. Limited partnership; has two classes of owners: general partners; take part in managing firm and personally liable for actions and, limited partners; no part in management of firm and risk only money they have. Corporation; has legal existence separate of that of owners: private; not traded on stock exchange, public; traded on stock exchange. State-owned enterprise; owned by government: called crown corporations. Non-profit; provide goods/services with objective of covering costs, aka ngo. Multi-national enterprise (mne); firms that have operations in more than one country. Money raised for carrying on business called financial capital. Real capital; physical assets; factories, machinery, offices. Equity; funds provided by owners of firm: corporations ask for funds in return for stocks, shares, or equities, profits paid to shareholders called dividends.
