What are some of the main vocabulary words used in Business Associations and Entities?
- Expected Return– What you think that you will get back from an investment
- Ex Ante– Predictive; looking ahead; preventative measures that you put in the charter or it is found in the statute.
- Ex Post– Looking back; hindsight; solving problem after it has occurred usually through court proceedings.
- Human Capital– personal skills, abilities, time, and effort
- Money Capital– property that is valued in terms of money
- Team Specific Investment– property or services which have a higher value when used within a specified group of venturers
- Implicit Team– Venturers who operate separate businesses which engage in joint production by contract. EX: lead company and plastic company who depend on each other to make pencils.
- Opportunism– Exercise of self-interest for personal gain. This is the selfish investment
- Discreet Contract – An AGREEMENT WHERE PARTIES SPECIFY ALL OBLIGATIONS AT THE OUTSET. This is the way it is going to be…outcome determinative
- Relational Contract – An agreement where parties create a structure to resolve future issues. It tells you the framework by which it will tell you the outcome.
- Risk Averse– Preferring safety; not taking any chances
- Risk Preferring– Unafraid of chances; gambling
- Risk Neutral– Unaffected by the element of chance or safety
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