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LIMITED LIABILITY: A condition in which owners are not personally held responsible for the debts of by a firm. Corporations are the main form of business in which owners have limited liability. The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production.
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ASSUMPTIONS, PRODUCTION POSSIBILITIES The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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ITO
International Trade Organization
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