Glossary Lecture 3 - GLOSSARY FOR LECTURE 3...

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GLOSSARY FOR LECTURE 3 “HISTORICAL CONTEXT OF BUSINESS 2” BC Course “Business and Enterprise” CARTEL A group of businesses or nations that act together as a single producer to obtain market control and to influence prices in their favour by limiting production of a product. The United States has laws prohibiting cartels. COMPANY A proprietorship, partnership, corporation, or other form of enterprise that engages in business. Synonym: Firm CORPORATION A legal entity that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things. CORPORATION, CLOSED A corporation whose shares are owned by just a few people, having no public market. FACTORS OF PRODUCTION The factors of production are the resources that are necessary for production. They are usually classified into 4 different groups: 1. Land - all natural resources (minerals and other raw aterials) 2. Labour - all human resources 3. Capital - all man-made aids to production (machinery, equipment and so on). 4. Enterprise - entrepreneurial ability. The rate of economic growth that an economy can manage will be affected by the quantity and the quality of the factors of production they have. FOREIGN DIRECT INVESTMENT
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This note was uploaded on 05/04/2008 for the course BUSINESS 2007 taught by Professor Svitlanav during the Winter '07 term at Trinity College Dublin.

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Glossary Lecture 3 - GLOSSARY FOR LECTURE 3...

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