Okay -- now that you've identified a want in society, determined the factors of production needed, and analyzed the supply and demand forces that are influencing your product, it's on to the next step: building a business to bring your product to the market!
There are many different types of businesses, from sole proprietorships to corporations. What are the costs and benefits of each one? Which type is best suited for your product needs and business goals? How is the market for similar products structured? In this unit, we will explore the question:
What is the best type of business?
Textbook Chapters
Chapter 7: The Business of Free Enterprise Chapter 8: Financing a Business