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  • Yes, I own a buisness that I run by myself, this is called a sole propriorship.
  • That will be $1.50
  • Yes, I'll just need 3 oranges, how much will that be?
  • Do you grow all of these fruits your self?
  • Interesting, thanks for letting me know. Im going to get the rest of the foods I need now, bye Nathan.
  • Well i lowered the price because the man you bought your oranges from is getting more buesness because of his cheaper oranges.
  • yes exactly, me and the man over there sell the same thing so we both must do things to make our oranges more appeling to costomers, this is called perfect competition.
  • Oh, so its like a competition to get the most costomers to buy your oranges
  • Hey, how come your oranges are cheaper now?
  • Yes, I do. Being the only worker in my business is good in some ways and bad in others.
  • Well the good part is that I get all of the profits of my buisness. One of the weaknesses though is that all liablilltiy falls on me. This means that if i get sick, there is noone to keep my business running.
  • Do you also own a sole proprioship?
  • What are the strengths and weaknesses of it?
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