A Charitable Organization,whose Goals Do Not Include Making a Personal

question 201

True/False

A charitable organization,whose goals do not include making a personal profit for its owners or organizers,such as the Red Cross or the Salvation Army,is best classified as a small business.
A charitable organization is not classified as a business since it does not seek a profit.Charities are classified as nonprofit organizations.

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Definitions:

Legal Minimum

The lowest amount, mandated by law, that can be paid to workers or charged as a price.

Supply And Demand

The fundamental economic model that explains how prices are determined in the market based on the quantity of a good or service available and the desire of buyers for it.

Minimum-wage Laws

A law defining the minimum hourly compensation that employers are required to pay their workers.

Unemployment

The situation where individuals who are able and willing to work cannot find employment.