Corporation
An organization authorized by the state to act as a single entity
Real World Example
During the Industrial Age (1800-1915), corporations became important because they allowed businesses to grow by pooling resources from many investors, which was crucial for building large factories and railroads. This responded to the need for more capital and efficient management as industries expanded rapidly, creating more jobs and production. Corporations limited individual investors' risk to the amount they invested, which encouraged more people to invest in these growing industries. Today, corporations still matter because they drive much of the global economy, influencing everything from job availability to product prices. For example, large corporations like Apple or Amazon impact our daily lives by providing technology and services that many rely on for communication, shopping, and entertainment.
