it allows “full shield” protection no matter in what state you operate.
there is no distinction between limited and general partners.
only the partner who provides the capital has limited liability.
professional businesses can form LLPs in any state.
A firm that specializes in providing consultations for at-risk teens, funded by the state.
A private charity that is sitting on a $2B endowment.
A Web design company that needs to make changes in staffing and deployment, because of a change in tax law, before it can become profitable.
A federal agency that writes and enforces environmental regulations.
all of the above
Technology, environmental responsibility, and the customer were the impetus for all businesses. Firms were local, small, and adhered to just principles and sound ethics.
There was unprecedented production efficiency, but also a loss of individual ownership and personal pride in the production process.
The assembly line was largely responsible for the end of the skilled, highly paid worker. A new unskilled labor force was needed, and typically did not earn as much as a result.
Industrial titans built business empires and raised the overall standard of living across the country.
powerful businesses gained the ability to manipulate prices and exploit workers.
productivity declined in many key industries as work shifted away from mass production to more labor intensive methods.
governments began running huge deficits.
inflation spiraled out of control, resulting in a decline in the standard of living.
increasingly specialized jobs, resulting in higher productivity and lower costs and prices.
power shifting away from business toward consumers.
the rise of monopoly power giving big business the ability to raise prices almost at will.
creating satisfied customers who act as advocates for business.
fewer choices for goods and services.
fewer businesses offering goods and services.
more limits on spending.
more choices for goods and services.
The primary purpose of a business is to dominate its market.
Consumers always care more about price than about quality.
All aspects of a business organization should focus on the needs of the customer.
Controlling the market for natural resources can give a firm a huge competitive advantage.
the major issues facing the national economy, but has little or no relevance to individuals.
smaller economic units such as individual consumers, families, and individual businesses operating within the economy.
the major issues facing the national economy that may seem abstract, but directly affect an individual’s day-to-day life.
the role of government, while microeconomics focuses on the private sector.
a natural monopoly
keep prices as low as possible.
avoid price competition whenever possible.
be very concerned about the possibility of new firms entering their market.
be very concerned about the possibility of new firms entering their market
Lack of opportunity. Clearly communism could have worked if it had been better executed, especially with today’s technology.
The corruption of powerful central governments has been their downfall. If a stronger mandate for police power were present in these countries, they would have survived, strong and intact.
The social burden of entitlement programs, at some point, outstrips the ability of the people to produce. If these programs were better funded through higher taxes, they would have been sustainable.
Capitalism, with its agility and potential for a country’s economic growth, has been largely responsible for the failure of both communism and socialism.
keep taxes as low as possible.
operate key economic enterprises in the best interests of the general public.
achieve the highest possible rate of economic growth.
provide the widest array of economic freedoms to its citizens.
increase government spending.
eliminate some public benefits.
increase some public benefits.
increase government spending by eliminating public benefits
are too expensive to maintain.
don’t adequately provide for the sick, the young, the elderly, and the environment.
result in very high tax rates that undermine incentives.
don’t do enough to encourage entrepreneurship.
Most business enterprises in the United States are privately owned, but the federal government owns a number of major enterprises, e.g., the U.S. Postal Service. This suggests that the U.S. economy is best classified as a
pure market economy.
true command economy.
pure planned economy.
places heavy taxes on firms in monopolistic competition.
places limits on international trade in order to stimulate domestic production.
creates regulations to intervene in the free market.
creates business systems to meet the needs of all consumers.
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