sole proprietorship in perfect competition
Storyboard Text
- Today we will be talking about market structures and business organizations and how they connect. For example, Sole Proprietorship in Perfect Competition.
- Sole Proprietorship in Perfect CompetitionHaylee Sullens
- What are business organizations and market structures??
- A business organization is an enterprise that produces goods or services in order to make a profit, which is what a sole proprietorship is.
- Correct! And a market structure is the organization of a market based mainly on the degree of competition. Perfect competition is the most competitive type of market structure where many producers supply an identical product and no single producer can influence its price, prices are influenced by supply and demand
- A sole proprietorship simply refers to a person who owns the business and is personally responsible for debts. People involved in sole proprietorships in perfect competition compete on the prices of the same product only differing in quality.
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