Economics/Accounting

What are the rewards to factors of production?

In the production of goods and services, firms combine factors of production in various proportions. The baker, for instance, needs flour, baking powder, sugar, baking equipment, such as an oven and other ingredients for baking. If he operates on commercial scale, he will need to employ workers.    Payments are made to secure these factors. …

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What is sole proprietorship as a form of business

THE SOLE PROPRIETORSHIP – This is the easiest and smallest form of business organization. It is a small company or firm owned and managed by one person – the sole owner/proprietor. MERITS OF THE SOLE PROPRIETORSHIP 1. The sole proprietorship has no boss. Therefore, the owner is his own boss. 2.  Quick Decision making : …

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