Two Or More Persons Having A Joint Common Economic Interest Best Describes Which Term?

• A. Association
• B. Partnership
• C. Agency
• D. Affiliation

Answer: (B)

The main idea here is recognizing a business setup where two or more people join together to run an enterprise with the goal of making a profit. That description fits a partnership best because partners pool resources, share profits and losses, and have a shared management role in the business. The term captures the idea of a joint economic effort and mutual responsibility for the venture.

Other terms don’t fit as specifically: an association is a group formed for purposes that aren’t necessarily about a shared profit-making enterprise; affiliation means being connected or a member of something rather than forming a business with shared economic interests; agency describes a relationship where one person can act on behalf of another, which is about representation rather than the joint economic venture itself.