Part One
•List and describe the three types of business organizations.
•What are the advantages and disadvantages of each of the types of business organizations?
•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.
Part Two
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.
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