you and two partners start a company. however, your partners will play no role in running the company. you will spend all your time managing the business. the wages that you could earn by working for someone else instead of running the business is your:



Answer :

The wages that you could earn by working for someone else instead of running the business is your Opportunity cost.

What is business?
Business
is the practise of earning a living or earning profit by producing, purchasing, and selling goods (such as goods and services). It is also "any profit-making activity or enterprise." Having a business name does not detach the commercial enterprise from the owner, which implies that the owner is responsible and liable for the business's debts. If the company incurs debts, creditors may seize the owner's personal belongings. Corporate tax rates are not permitted in a business structure. The proprietor has been personally taxed on all business income. The term is also frequently used colloquially (but never by lawyers or public officials) to refer to the a corporation or cooperative.

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