Similarly, you may ask, is an individual or group that supports a business?
A stakeholder is an individual or group that has a legitimate interest in a company, organization, or business; the Stanford Research Institute defines stakeholders as “those groups without whose support the organization would cease to exist.
Secondly, what is the result of two or more firms collaborating on a wrongful act such as price fixing? Collusion occurs when two or more firms collaborate on such wrongful acts as price fixing.
Similarly, you may ask, what is the name of the concept that expanded the role of business in protecting and enhancing the general welfare of society?
Explanation: D) Out of the economic turmoil of the Great Depression emerged new laws that dictated an expanded role for business in protecting and enhancing the general welfare of society. Hence, the concept of accountability was formalized.
What type of business has two or more owners who share in the operation of the firm and are financially responsible for its debts?
A sole proprietorship is the most common form of business organization. It’s easy to form and offers complete control to the owner. But the business owner is also personally liable for all financial obligations and debts of the business.