Answer:
People tend to make systematic and predictable mistakes in their thinking. These mistakes are called biases.
Explanation:
Humans are not perfect decision makers. Everyday humans make numerous decisions and try their best to be rational. But many times, our cognitive limitations prevent us from doing so. In systematic and predictable ways, we do drift away from perfection. Even if we take each step properly to make a decision by first defining the problem, then thinking of alternatives for the solution and then take a decision, one is bound to get affected by cognitive thinking. Such mistakes that humans make are called biases. They affect the judgement of even a very talented human being.
I believe the answer is: Biases
The person who made such comments usually had a a really strong preference in one economic system, to the point where that person refuse to acknoweldge the weakness in their preferred view and the strength in the opposing view. This bias could easily be held by all sides.
Answer: Shared debt liability
Explanation:
Shared debt liability in this context means that in the case of a default, the owners of the business are personally liable for the debts of the business and so creditors can come for their personal assets to get settlement for the debt.
Both Sole Proprietorships and Partnerships have a shared debt liability with their businesses because if the business defaults on debt and the assets of the business are not sufficient enough to cover the debt, the creditors can come after the personal assets of the sole proprietor or the Partners.
