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7 Cards in this Set
- Front
- Back
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what is a firm?
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any business, partnership, or corporation
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what are the different types of business organizations?
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single proprietorship
ordinary partnership limited partnership corporation state-owned enterprise non-profit organization |
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what are multinational enterprises (MNEs) ?
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firms that have locations in more than one country
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what is a liability?
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an obligation to settle a debt
ex. if john hits jane's car, john is liable for the damages to jane's car b/c john is responsible for the damages |
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what generally happens as the size of a firm goes up?
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as size goes up, individual liability goes down
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what is debt?
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an amount owned for funds borrowed
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what is a creditor?
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individuals you owe money to
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