LP requires at least one general partner with unlimited liability. Limited partners have liability limited to their investment amount. Most U.S. states govern LP formation under Uniform Limited Partnership Act. Partners must register and draft partnership agreement
Economic growth is an increase in production of goods and services. GDP is the most common measure of economic growth. Growth can be measured in nominal or real terms
Factors of production are inputs needed for creating goods and services. Four main factors: land, labor, capital, and entrepreneurship. Control of factors determines wealth in society
GmbH is a legal entity in German-speaking countries with limited liability. Equivalent to Sàrl in Switzerland and Sagl in Italy. Similar to UK private limited company and US LLC
Surplus value is the difference between product sales and production costs. Term "surplus value" coined by William Thompson in 1824. Marx developed and popularized the concept in his Capital volumes
Corporate law governs rights and conduct of companies and businesses. Companies have separate legal personality and limited shareholder liability. Corporate governance balances power between directors and shareholders