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LIMITED PARTNERSHIP: A partnership in which one or more of the partners/owners has/have limited liability. This differs from regular partnerships in which each partner has unlimited liability. The limited partnership legal structure was created to provide liability protection to "partners" seeking investment opportunities, who did not want to participate in the actual management of the firm. While these limited partners are very much like corporation shareholders, the difference is that at least one partner must have unlimited liability.
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POLITICAL BUSINESS CYCLES The notion that business cycles are caused by elected government leaders who manipulate the economy to achieve personal political goals, that is, to be re-elected and remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) re-election, they then induce a business-cycle contraction after the election to correct problems created by the pre-election stimulation. This explanation suggests that government is the source of business cycles are should not be allowed to implement discretionary stabilization policies.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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IO
Industrial Organization
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