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Unformatted text preview: Non durabe goods ( last less food and clothes) Services ( hokie football air service) Factories efficient division of labor direct supervision of production reduce transaction costs bigger machines Industrial Development of large scale factory production Firms Just as households maximize utility Profit= sales revenue- cost of production Sole Firm that has a single owner Partner 2 or more owners corporation legal entity established through articles of incorporations shares of stock (limited participation) s corporation limited liability, reduces double taxing cooperatives consumer producer chariable educational humantairan cultural * hospitals, schools...
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- Economics, Corporation, owner Partner, hokie football air, Produce output Farm, labor direct supervision