Term
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Definition
| Goods that could be provided privately |
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Term
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Definition
| Externalities of economic activity or processes upon those who are not directly involved in it |
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Term
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Definition
- Monopoly
- Regulation
- Antitrust
- Regulated Monopolies
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Term
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Definition
Advantages
- Most efficient at raising capital
- Limited liability
- Easy expansion of size & scope
- Infinite life
Disadvantages
- Corporate regulations & legal expenses
- Some unscrupulous practices
- Double taxation
- Separation of ownership & control
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Term
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Definition
Advantages
- Easy to organize
- More management skills
- Greater resources available
Disadvantages
- Difficulty making decisions
- Possibly limited financial resources
- Partnership continuity problems
- Unlimited liability
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Term
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Definition
Advantages
- Easy to organize
- Propreitor is own boss
Disadvantages
- Limited resources
- No help with decision making
- Unlimited liability
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Term
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Definition
- Plants: physical establishment, fabricate and distribute goods
- Firms: business organizations which operate and own plants
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