Examlex
Why do economists abstract, and is it appropriate?
Proprietorship
A business structure in which the business and the owner are legally considered the same, making the owner personally responsible for all the business's debts and obligations.
Corporation
A legal entity that is separate from its owners, providing them limited liability, and has the ability to raise capital through the sale of shares.
Service Business
A type of business that provides intangible products, such as time, expertise, or activities, where physical goods are not transferred to the customer.
Pet Groomer
A professional who cleans, trims, and styles pets' coats, nails, and fur to maintain their appearance and hygiene.
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