How does socialism differ from communism? From capitalism? Why do we say that the U.S. economy is a mixed economy? What is a national balance of trade? What does someone mean when he or she says that the balance of trade is favorable? Unfavorable? What is a strategic alliance? What is a Joint Venture? What is the Difference between a Strategic Alliance and a Joint Venture? What are the major advantages of each? What are the Disadvantages of each? What is the concept of unlimited liability and why is it a concern for the sole proprietor? Explain the differences among a domestic, a foreign, and an alien corporation. Explain the differences among a horizontal merger, a vertical merger, and a conglomerate merger and give real world examples of each? What is a franchise? Name several popular franchises. What is the difference between the Franchisee and the Franchisor? What are the advantages and disadvantages to the franchisee of owning a franchise