defiinitions2 - 93. Business Cycles- The periodic rises and...

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93. Business Cycles- The periodic rises and falls that occur in economies over time 94.Recession-Two or more consecutives quarters of decline in the GDP. 95.Depression- A severe reccesion, usually accomplished by deflation. 96.Fiscal Policy-The federal government'sefforts to keep theeconomy stable by decreasing taxes or government spending. 97. National Debt-The sum of government deficits over time. 98.Sole proprietorship-A business that is owned,and usually managed by one person. 99. Partnership- A legal form of business with two ormore owners. 100. Partnership-A legal form of business with two or more owners. 101. Corporation- A legal entity with authority to act and have liability apart from its owners. 102. unlimited liability- The responsibility of business owners for all of the debt of the business. 103.General partnership-A partnership in whichall owners share in operating the business and in assuming liability for the business's debts. 104. Limited Partnerships- A partnership with one or more general partners and one or more limited partners. 105. General partner- An owner who has unlimited liability and is active in managing the firm. 106. Limited partner-An owner who invests money in the businesses but does nothave any management responsibility or liability for losses beyond the investment. 107. Master limited partnership-A partnership that looks much like a corporation but is taxed like a partnership and thus avoids the coporate income tax. 108. Limited liabilty partnership-a partnership that limits partners risk of losing their personal assets to only their own acts and commisions of people under their supervision. 109. Conventional corporation-A state chartered legal entity with authority to act and have liability seperate from its owners.
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110. S corporation- A unique governmet creation that looks like a corporation but is taxed like sole proprietorships and partnerships. 111. Limited Liability company- A company similar to an s corporation but without the special eligibity requirements. 112. Merger- The result of two firms forming one company. 113. Acquisition- One company's purchase of the property and obligations of another company. 114. Vertical merger-The joining of two companies involved in different
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defiinitions2 - 93. Business Cycles- The periodic rises and...

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