• Corporations are also what most people have in mind when thinking about the role of the business sector in society. Why is our focus on corporations (as opposed to businesses with other ownership structures) when exploring the role of companies in society? And, Why don't we focus on companies with a sole proprietorship business structure?
• In the past, corporations were granted special permission to provide their owners with liability protection. Currently, we take for given that owners of corporations have limited liability. Identify a couple of positive consequences and a couple of adverse effects for society deriving from the limited liability granted to the owners of corporations.
• We associate price with value. This association means that we have embraced a subjective (as opposed to an objective) understanding of economic value. Explain these two sentences in your own words. Make sure to use an example.