Your reflection should be at least three sentences
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 legal liability for a sole proprietorship, potential conflicts between partners in a partnership, and double taxation for corporations.
Franchises in the United States economy are characterized by a strong brand presence, standardized operating procedures, and a close relationship between the franchisor and franchisee.
Contract negotiation between labor and management include discussions on wages, benefits, working conditions, and grievance procedures to ensure fair treatment for employees.
Investments in human capital affect the economy by increasing productivity, innovation, and overall economic growth through a more skilled and knowledgeable workforce.
The wages of labor are influenced by factors such as supply and demand for labor, education and skill levels, industry trends, and the bargaining power of workers and employers.