The uses of everyone's time can be divided between employment and leisure. Liability Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores. The practice of charging a price below the monopoly profit-maximizing price and producing a quantity greater than that at which marginal revenue equals marginal cost so as to deter entry. A condition in which owners are not personally held responsible for the debts of by a firm.
Corporations are the main form of business in which owners have limited liability.
The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production. Contrast to unlimited liability . A linear relationship is a relationship between two variables that is illustrated by a straight line. The property of being instantly convertible into a means of payment with little loss in value. A public good that is consumed by all the people who live in a particular area.