Choices In Business

3. the quantity of output produced by a unit of labor, which is often used to determine wages.
6. a business that is organized by one person.
7. a business begun by the purchasing of rights to start a business based off a model designed by the franchiser.
8. the wage rate, or price of labor services that is set when the supply of workers meets the demand for workers in the labor market.
10. all nonmilitary people who are employed or unemployed.
11. the practice of contracting with another company to do a specific job that would otherwise be done by a company’s own workers.
12. limits the partner’s liability to their investment in the company, so the owners of the business would not risk losing their personal assets.

1. involves two or more people working together in owning their business.
2. a business structure that provides protection from liability to individual owners, as the company is legally seen as it's own entity.
4. a type of demand that is set by the demand for another good or service.
5. business entity whose primary mission is not making a profit.
9. business owned cooperatively by a group of employees.