Illustrate the advantage and disadvantage of Partnership
Illustrate the advantage and disadvantage of Partnership?
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Advantages: easy to organize; greater specialization; better access to financial resources than proprietorships.
Disadvantages: some of the same shortcomings of the proprietorship; possible difficulties in sharing management responsibilities; still limited financial resources; problems if one of the partners leaves; still unlimited liabilities.
Who owns the factors of production and the method used to coordinate economic activity?
The theory of pricing for particular goods explained in Adam Smith’s Wealth of Nations is most consistent along with: (1) mercantilist doctrine. (2) Richard Cantillon’s distinction between “value in
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p
Explain Government expenditures on goods and services and transfer payments?
If banana divides are $2, CD disks are $10, and SCUBA vacations are $360, then what is the relative cost of a SCUBA vacation in phrases of a CD disk: (i) 36 disks. (ii) 360 disks. (iii) 180 disks. (iv) 20 disks. (v) 3,600 disks. Q : New firms entry in industry What What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Explain the law of supply. Why does the supply curve slope upward?
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
numbers of sellers in pure competition?
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
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