Chapter 3

Chapter 3 - Chapter 3 Utility the satisfaction of sense of...

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Chapter 3 – 10/1/07 Utility – the satisfaction of sense of wellbeing from consumption Transfer payments – cash or in-kind benefits given to individuals as outright grants from the government Industrial revolution –Development of large scale factory productions that began in Great Britian around 1750 and spread to the rest of the world Firms – economic unites formed by profit seeking entrepreneurs who use resources to produce goods and services for sale Sole proprietorship – a firm with a single owner who as the right to all profits and who bears unlimited liability for the firm’s debts Partnership – a firm with multiple owners who share the firm’s profits and bear unlimited liability for the firm’s debts Corporation – a legal entity owned by stockholders whose liability is limited to the value of their stock Information revolution – technological change spawned by the invention of the microchip and the internet that enhanced the acquisition, analysis and transmission of information
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This note was uploaded on 04/29/2008 for the course EC 11 taught by Professor Kelly during the Fall '07 term at Fairfield.

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Chapter 3 - Chapter 3 Utility the satisfaction of sense of...

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