Many Ventures Start as _____ Where the Owners Are Considered

question 42

Multiple Choice

Many ventures start as _____ where the owners are considered "members" and "managers."

• A) S corporations
• B) sole proprietorships
• C) limited liability companies
• D) joint ventures
• E) C corporations

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Definitions:

Specialization

The process in which individuals, firms, or countries focus on producing a narrow range of goods or services to gain greater efficiencies and increase productivity.

Production Possibilities Curves

A graph that depicts the maximum potential output of one good for a given amount of output for another, assuming full efficiency and fixed resources.

Trading Possibilities Curves

Graphical representations that show the different quantities of two goods that a country can produce and trade given the same amount of resources.

Opportunity Cost

The expense incurred from not choosing the next most favorable alternative during decision-making.