49. What is a partnership?

A partnership is a business that is jointly owned by two or more people who have combined their talents and resources for the purpose of earning a profit. Partnerships are most common in such professional fields as medicine, law, accounting, stockbrokerage, but they are also found in manufacturing, wholesaling and retailing.

The most common form of partnership is a general partnership.There may be a special type of partnership, called limited partnership.

Partnerships have more advantages than sole proprietorships. Like sole proprietorship they are easy to form and often get tax benefits from the government.

Partnerships have certain disadvantages too. The major disadvantage is unlimited financial liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. But one of the greatest problems in partnerships is that partners may disagree with each other causing management conflicts.

50. What type of economy does the usa have?

The United States of America is one of the largest countries in the world. The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It is an economic system that combines elements of public ownership of the means of production with private ownership, and elements of free enterprise with government participation and control. It means that people are able to own capital and property and to run their own businesses for making profit.

The USA is a country with a highly developed economy. With only 5 per cent of the world’s population and about 6 per cent of its land area the USA produces 25 per cent of the world’s industrial products, agricultural goods, and services. It leads the capitalist world in industrial and agricultural production, leaving the other capitalist countries far behind.

51. What role does international trade play in the us economy?

The United States is the world's largest trading nation. Since it is the world's leading importer, there are many U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum

The United States is the largest importer of goods and third largest exporter, though exports per capita are relatively low. In 2008, the total U.S. trade deficit was $696 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners. In 2007, vehicles constituted both the leading import and leading export commodity. Japan is the largest foreign holder of U.S. public debt, having surpassed China in early 2010. The United States ranks second in the Global Competitiveness Report.

52. Why are transportation-related businesses considered to be an important part of the service industry?

The businesses transportation-related considered to be an important part of the service industry, because the transport system is the most important economic activity among the components of business logistics systems. Transport system makes goods and products movable and provides timely and regional efficacy to promote value-added under the least cost principle.

Transport affects the results of logistics activities and, of course, it influences production and sale. In the logistics system, transportation cost could be regarded as a restriction of the objective market.

Value of transportation varies with different industries. For those products with small volume, low weight and high value, transportation cost simply occupies a very small part of sale and is less regarded; for those big, heavy and low-valued products, transportation occupies a very big part of sale and affects profits more, and therefore it is more regarded.