economics
Tuesday 7 June 2016
CO-OPERATIVE
A co-operative (also known as co-op, cooperative or coop) is an autonomous
association of people united voluntarily to meet their common economic,
social, and cultural needs and aspirations through a jointly owned and democratically controlled business.[1] Since 2002 cooperatives and credit unions could be distinguished on the Internet by use of a .coop domain.
A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.[1] An LLC is not a corporation;
SOLE PROPRIETORSHIP
A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity
that is owned and run by one natural person and in which there is no
legal distinction between the owner and the business.
DIVISION OF LABOUR
The division of labour is the separation of tasks in any economic system
so that participants may specialize. Individuals, organizations, and
nations are endowed with or acquire specialized capabilities and either
form combinations or trade to take advantage of the capabilities of
others in addition to their own. Specialized capabilities may include
equipment or natural resources in addition to skills and training and
these assets may contribute together, as when specialized equipment
requires skilled operators
THEORY OF PRODUCTION
Production theory is the study of production, or the economic process of converting inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in a gift economy, or exchange in a market economy. This can include manufacturing, construction,[1] storing, shipping, and packaging. Some economists define production broadly as all economic activity other than consumption. They see every commercial activity other than the final purchase as some form of production.
Production is a process, and as such it occurs through time and space. Because it is a flow concept, production is measured as a “rate of output per period of time”. There are three aspects to production processes:
Production is a process, and as such it occurs through time and space. Because it is a flow concept, production is measured as a “rate of output per period of time”. There are three aspects to production processes:
DEMAND AND SUPPLY
Supply and demand
From Wikipedia, the free encyclopedia
For other uses, see Supply and demand (disambiguation).
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