Definition of Sole Proprietorship Sole Proprietorship definition according to Prof Hynes Sole Proprietorship is that form of business which has a single owner, who has the total responsibility of the business, who runs the business and also bears the risk on the failure of business.
Meaning of Sole Proprietorship Sole trader-ship (proprietorship) is that form of business organization whose owner is just one person, who is called the sole trader. This person invests capital in the business and is solely responsible for all the profits and losses of the business. The same person is the manager and organizer of the
Introduction to Sole Proprietorship Sole trader-ship or proprietorship is the oldest form of business in all the countries of the world. Along with the progress of the business, its form has also been changing. But due to its simplicity, quick formation, and easiness, this form is the most popular and in practice in the world.
Importance of Law of Equi-Marginal Utility The Law of Equi-Marginal Utility has an important place in economics. The importance of concept cannot be ignored even though it is highly criticized. This applies in every field of economics, which is clear from the following
Criticism, Limitations and Exceptions of The Law of Equi-Marginal Utility Following are the main reasons for the criticism of the Law of Equi-marginal utility by H. H. Gossen. Although, it is a basic law of economics and consumers knowingly or unknowingly are compelled, to follow this law. This law is applicable in every field of
Law of Equi-Marginal Utility The Law of “Equi-marginal utility” is helpful in maximizing the utility of a consumer. We know that the wants of every man are unlimited. Wants to arise again and again but man has limited means (income) to fulfil his wants and means have alternative uses. Thus, man always faces the problem