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Mind Map Chapter: 5, 6, 7 & 8 (Chapter 6 (Sole Proprietorship (owned,…
Mind Map Chapter: 5, 6, 7 & 8
Chapter 5
elasticity
the degree which individuals, consumers
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Chapter 6
primary industry
industry involving collection, natural resources
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secondary industry
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ex.paper mills, automobiles, furniture, telecommunication
tertiary industry
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ex.legal officers, schools, medical clinics 
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Sole Proprietorship
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advantages- uncomplicated, makes all decisions
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Partnership
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disadvantages- disputes, don't last long
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Chapter 7
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Monopolistic competition
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sell diverse amount of products
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