Economics project

Economics project
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  • Introduction
  • Sir, I have an economics project and I would like to learn about Sole Proprietorships
  • Okay, I own this place so maybe i can help you.
  • Market Structure
  • Okay, my first question is how a Sole Proprietorship is set up.
  • Sole proprietorship is easiest business form because it is a form of business that operates under one owner
  • Advantages
  • What are some good things about a Sole Proprietorship?
  • People that own their own business receive all the profits, and it is very easy to start the business
  •      Disadvantages
  • People that own their own business are also held liable to everything that happens. Say your restaurant burns, then you are responisble for fixing it
  • What are some bad things about a Sole Proprietorship?
  • Competition
  • Yes it can, for example, If own business produces shirts and other clothing, it can compete in a monopolistic competition market, same goes with perfect competition 
  • Can a Sole Proprietorship compete with Monopolistic and Perfect competition?
  • Fun Facts
  • Of course, this is surprising but about 70% of businesses in the US are Sole Proprietorship's
  • Before I leave can you give me a cool fact?
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