Answer:
Limited liability company
Explanation:
A limited liability company is a company where the liabilities of partners is limited to the amount invested in the company. A limited liability company has features of both a partnership and a sole proprietorship
The partnership is made up of a general partner and the limited partners. the general partner is involved in the daily running of the business. The limited partners are not involved in the daily running of the business. They just contribute capital.
In this question, the person involved in the running of the business is the general partner while the other 9 friends are the limited partners.
Unattainable level of production refers to a level of production that is not possible to reach due to various factors such as limited resources, lack of technology, and/or limited knowledge.
<u>Unattainable level of production</u> – This occurs when it is impossible to physically produce a quantity of output that is greater than the maximum that can be produced with the available inputs.
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<u>Efficient use of inputs in production</u> – This occurs when the inputs used in production are used in the most efficient manner possible so that the most output can be produced with the least amount of inputs.
<u>Attainable but Inefficient use of inputs in production</u> – This occurs when a level of output can be produced using the available inputs, but the inputs are not used in the most efficient manner and more output could be produced with fewer inputs.
What do you mean by Production?
Production is the process of creating goods and services to be sold or used. It is a key component of a successful business, as it helps to create products that customers want and need. Production involves the use of resources such as labor, materials, equipment, and technology to create products and services. Businesses may use a variety of production methods to create their products, including automation, manual labor, and outsourcing.
To know more about Production,
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Answer:
Small-scale and flexible; Large-scale and inflexible.
Explanation:
Job shops tend to be <u>small scale and flexible</u> while continuous processes tend to be <u>large scale and inflexible</u>.
Job Shop: It is defined as small manufacturing units that produce a specific and customized product in small batches. Most of the products produced in this process have a unique set up. The estimation of costs is generally most difficult when the Job shop process has been chosen.
Continous processes: It is a streamlined process that has a production flow of products from one step to another without any interruption. A larger quantity is produced at one time, not in batches. It requires sophisticated control system.
The answer to this question is b