â€¢List and describe the three types of business organizations.
â€¢What are the advantages and disadvantages of each of the types of business organizations?
â€¢If you were to start a new business, what type of business organization would you form and the reason why you would choose that particular one.
A firm earns profit when its total revenue is greater than its total cost. This means that there are two possible ways to earn more profit: (1) increase total revenue, or (2) decrease total cost. Write a paragraph in which you either defend or refute the following statement using facts and information you learned in this section of the course:
Increasing total revenue is the easier way to earn more profit.