OUTLINE CHAPTER 4 - OUTLINE CHAPTER 4 Functional...

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OUTLINE CHAPTER 4 Functional distribution of income- Indicates how the nations income is apportioned among wages, rents, interest, and profits, that is, according to the function performed by the income receiver. Personal distribution of income- Indicates how the nation’s total income is divided among individual households. Durable goods- Products that have expected lives of three years or more. (Autos, furniture, computers, etc.) Nondurable goods- Products that have lives less than three years. Services- The work done by lawyers, barbers, doctors, etc. Plant - A physical establishment, factory, farm Firm- An organization that employs resources to produce goods and services for profit and operates one or more plants. Industry- A group of firms that produce the same, or similar, products. Sole proprietorship- A business owned and operated by one person. Partnership- Form of a business organization is a natural outgrowth of sole proprietorship. Two or more individuals (partners) agree to own and operate a business together. Corporation-
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OUTLINE CHAPTER 4 - OUTLINE CHAPTER 4 Functional...

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