A Partnership That Has at Least Two Classes of Partners

question 68

Short Answer

A partnership that has at least two classes of partners, general and limited, allows the limited partners to have no personal liability beyond the amounts they invest in the partnership, and the limited partners have no active role except as specified in the partnership agreement is a __________partnership.

Recognize the effects of small changes in productivity growth rates over time.

Understand the implication of labor productivity growth on real GDP per capita.

Analyze the role of technological change in economic development and worker displacement.

Understand the relationship between sales growth and inventory requirements.

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Definitions:

Law of Effect

A principle in psychology that states behaviors followed by positive outcomes are likely to be repeated, while those followed by negative outcomes are not.

Organisational Behaviour Modification Strategy

A systematic approach to changing behavior within an organization using principles of behavior analysis and reinforcement.

Punishment

Imposing a penalty or sanction on someone as retribution for an offense or undesirable behavior.

Goal Setting Theory

A theory suggesting that the establishment of motivating, specific, and clear goals with appropriate feedback contributes to higher performance.