theme 2

    Subdecks (5)

    Cards (25)

    • limited liability is where there is legal separation between the owners personal finance and the finance of the business
    • liquidity is the businesses ability to pay its bills on time depending on the cash they have available
    • unlimited liability is where owners are fully responsible for debts, there is no separation between their finance and the businesses
    • working capital is the amount of cash and other current assets a business has available after all of its current liabilities are accounted for
    • price elasticity measures the extent to which demand for a product changes when the price is changed