Economics 12 Notes for Economics Notes

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The business organization is defined as a firm established and run to earn profit by producing and selling commodities. The main objective of every business organization is to earn profit. To maximize profit, each firm has to fulfill demand for goods or services made by consumers or other firms. For maximum profit, each firm must supply the quantity just equal for demand in the market and there must be maximum difference between revenue and cost of production. There are different types of organizations. There are mainly three types of organization. They are

  1. Sole proprietorship
  2. Partnership
  3. Joint stock

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