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REAL PRODUCTION: The market value of all production measured in constant prices, after adjusting for inflation. Real production is typically measured with real GDP.

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LEGAL BUSINESS ORGANIZATIONS

The alternative ways in which a business or firm can be legally organized. The three primary alternatives are proprietorship, partnership, and corporation. Differences among three are mainly based on: (1) number of owners and (2) the liability of the owners. A proprietorship has a single owner with unlimited liability. A partnerships has two or more ownership with unlimited liability. The owners of a corporation have limited liability.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for cardboard boxes.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it."

-- Michelangelo Buonarroti, Painter and Sculptor

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