The disadvantages for each type of business organization include _______.
The characteristics of franchises in the United States economy are _______.
Contract negotiation between labor and management include _______.
Investments in human capital affect the economy by _______.
The wages of labor are influenced by _______.
Explain the characteristics of sole proprietorships.
Analyze the advantages and disadvantages of organizing a business as a sole proprietorship.
Explain the characteristics of partnerships.
Analyze the advantages and disadvantages of partnerships.
Compare and contrast the three forms of business organization.
Describe the role of franchises and nonprofit organizations in market economies.
Explain labor markets, how they work, and their impact on the United States economy.
Explain how supply of and demand for labor affect wages and understand the connection between wages and skill levels.
Describe the role of labor unions in market economies.
Summarize the history of labor unions and methods of contract negotiation by labor and management.
Critique how investments in human capital increase economic growth and standards of living.
Illustrate and interpret circular flow diagrams for the product market, the resource market, households, and firms.
The disadvantages for each type of business organization include the potential for unlimited liability in a sole proprietorship or partnership, the complexity of decision-making in a corporation, and the difficulty of raising capital in a limited liability company.
The characteristics of franchises in the United States economy include a proven business model, brand recognition, and support from the franchisor.
Contract negotiation between labor and management include discussions on wages, benefits, working conditions, and grievance procedures.
Investments in human capital affect the economy by improving productivity, increasing innovation, and driving economic growth.
The wages of labor are influenced by factors such as the supply and demand for labor, the skill level required for the job, and the bargaining power of labor unions.
Sole proprietorships are characterized by being owned and operated by one person, with all profits and losses being the sole responsibility of the owner.
Advantages of organizing a business as a sole proprietorship include the ease of formation, full control over decision-making, and the ability to keep all profits. Disadvantages include unlimited liability, limited resources, and potential difficulty in raising capital.
Partnerships are characterized by being owned and operated by two or more individuals, with shared profits and losses.
Advantages of partnerships include shared decision-making, shared resources, and the ability to benefit from multiple perspectives. Disadvantages include shared profits and losses, potential conflicts between partners, and unlimited liability.
The three forms of business organization - sole proprietorship, partnership, and corporation - each have different levels of liability, decision-making, and tax implications.
Franchises and nonprofit organizations play important roles in market economies by providing consumers with choices and services, stimulating competition, and addressing social needs.
Labor markets operate by matching workers with jobs based on supply and demand, with wages being determined by the equilibrium between the two.
Investments in human capital, such as education and training, increase economic growth by improving productivity and innovation.
Labor unions play a role in market economies by negotiating for better wages, benefits, and working conditions on behalf of workers.
The history of labor unions includes the fight for workers' rights, collective bargaining, and strikes as methods of contract negotiation between labor and management.
Circular flow diagrams illustrate the flow of goods and services between households and firms in the product market, and the flow of resources and payments between households and firms in the resource market.