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OWNERSHIP LIABILITY: The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.
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BUYERS' EXPECTATIONS, DEMAND DETERMINANT The expectations that buyers have concerning the future price of a good, which is assumed constant when a demand curve is constructed. Buyers' expectations are one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and number of buyers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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IIPF
International Institute of Public Finance
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