Corporation
An organization authorized by the state to act as a single entity
Real World Example
During the Industrial Revolution, corporations became essential as they allowed for the pooling of resources and capital to fund large-scale industrial projects, like railroads and factories. This organization helped businesses grow rapidly and efficiently, responding to the need for more structured and expansive economic entities in a rapidly industrializing nation. Corporations were important because they limited individual liability, meaning investors risked only the money they invested, not their personal assets. Today, corporations still matter because they can provide jobs, goods, and services at large scales; for example, companies like Apple create products used worldwide, impacting daily life. This affects people around you by offering employment opportunities, technological advancements, and by shaping the global economy and market trends.
