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Sole Proprietorship
A business owned and managed by a single individual, with personal responsibility for all debts and legal actions.
Transaction Costs
The costs of time and information required to carry out market exchange.
Personal Assets
Items of value owned by an individual, including cash, bank accounts, investments, real estate, and personal property.
Self-Employed
An individual who works for themselves and does not receive a salary or wage from an employer.
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