general partnership
. Which of the following is a business organization based on the belief that if individuals work together, they can help benefit one another? Which legislation enacted in 1947 may have been a reason for the decline in union membership?
Which of the following is a business organization based on the belief that if individuals work together they can help benefit one another?
general partnership
. Which of the following is a business organization based on the belief that if individuals work together, they can help benefit one another? Which legislation enacted in 1947 may have been a reason for the decline in union membership?
When your grandfather and his friends entered the work force in 1950 they were likely to have jobs in?
| Term What effect does new technology usually have on an economy? Definition it makes the economy stronger and more efficient | Term When your grandfather and his friends entered the work force in 1950, they were likely to have jobs in: Definition The service sector |
|---|
Which is a major advantage of a sole proprietorship?
The profits of a sole proprietorship are taxed as the personal income of the owner. A major advantage of sole proprietorships is that
an owner has limited liability for the debts of his or her business
.
What is the major difference between a corporation and other kinds of businesses?
| What is the advantage of a sole proprietorship? It is the least regulated form of business organization | What is the major difference between a corporation and other kinds of businesses? A corporation has a separate entity apart from that of the owners and workers |
|---|
How are wages for a particular job determined?
The wages for a particular job are determined by
the supply of and demand for workers
. The law of supply and demand states that the price (or wage) will rise when there is an increase in demand or fall when there is an increase in supply.
Why is the equilibrium wage for doctors High quizlet?
The equilibrium wage for doctors is high because…
The supply is relatively low and the demand is relatively high
. An increase in service jobs accompanied by a decrease in manufacturing jobs. … Some manufacturers have relocated to countries where labor is cheaper.
What is one reason why the strength of labor unions has declined in recent years?
The overall decline of union membership is
partly the result of the changing composition of jobs in the US
. Healthcare, restaurant, and hospitality jobs are among the fastest growing and, historically, these industries that have not had high unionization rates.
What are the characteristics of sole proprietorship?
- Sole Ownership. A single person is an owner of this type of business. …
- Unlimited Liability. …
- Limited Work Area. …
- Sole Right on Capital. …
- Sole Management. …
- No Legal Formalities. …
- Free to Select his Business. …
- Willful Commencement and Closure.
What are the tax benefits of a sole proprietorship?
One of the advantages of a sole proprietorship is its simplicity. You do not separate taxes for your business, you simply report all of your business income and losses on your personal income tax return. But with that simplicity comes
personal liability for legal judgments, taxes, and debt
.
What type of business is best for sole proprietorship?
- Retail Trading Activities. Retail activities such as selling of grocery, household goods, merchandise, electric goods, etc. …
- Small Scale Gruh Udhyog. …
- Catering Business. …
- Software Consultancy. …
- Learning Assistance (Tutor) …
- Freelance Writers. …
- Tax and Legal Consultancy. …
- Clinic & Healthcare.
Who makes the most important decisions in a corporation?
Shareholders
collectively elect executive board members who make high-level decisions about the direction of the company. The board also appoints top managers in the business, such as the CEO.
What are the three major differences between a partnership and a corporation?
| Partnership C Corporation | Ownership 2 or more people 1 or more people; unlimited number of shareholders | Taxes Personal taxes Corporate taxes (company) and personal taxes (shareholders) | Liability Unlimited personal liability, except for limited liability partnerships No personal liability |
|---|
What do partnerships and corporations have in common?
Understanding the similarities of partnership and corporation is an important part of choosing a structure for your business. Basically, the only similarity between these entities is that they are
both owned by groups of people instead of an individual
.
How wages are determined?
Classical economists argue that wages—the price of labor—are determined (like all prices)
by supply and demand
. They call this the market theory of wage determination. When workers sell their labor, the price they can charge is influenced by several factors on the supply side and several factors on the demand side.
How is pay determined?
According to most economics textbooks, our wages are determined just like any other price:
by supply and demand
. People supply their labor, and companies demand it, creating a market for labor. In broad strokes, the standard theory is pretty straightforward.
