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Define firm and transaction costs

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Define: firm and transaction costs.

Define: proprietorship, partnership, and corporation, and provide an advantage and disadvantage of each.

Describe the two chief goals of business firms.

Describe two types of financing used by proprietorships and partnerships, and three types of financing used by corporations.

Describe both private and public non-profit firms.

Describe Adam Smith's 'Division of Labor' concept. Also discuss three ways that Smith felt that division of labor increased labor productivity.

Reference no: EM133131350

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