The Structure of the US Economy

The Structure of the US Economy - Econ 4.3 Monday, January...

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Econ 4.3 Monday, January 25, 1999 Announcements: The first exam will be Monday, February 1. Fox urges students to check out the Case & Fair website for practice problems. Lecture notes: Chapter 3: The Structure of the US Economy Structure of the US Economy Private Sector: the non government part; includes all independently owned profit-making firms, nonprofit organizations, and households; all the decision-making units in the economy that are not part of the government o Types of Private Sector Firms Sole Proprietership : represents the largest number of businesses in the US; one person owns it all and is liable for it all Partnership : 2 or more individuals together that own business; everyone is collectively liable for everything Corporation : the minority form of business organization that has infinite life unless it fails; has all the legal rights of an individual; owners of a corporation are only liable for that which they personally invest; board of directors are only liable for what they invest, unless dishonest
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The Structure of the US Economy - Econ 4.3 Monday, January...

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