8.2

Labor Market Research: Investigate and research local labor market data and compare local cosmetology industry data to cosmetology data for the U.S. economy. Differentiate between sole proprietorship, partnership, limited liability company (LLC), and corporations. Examine how business cycles, economic indicators (i.e., interest rates, inflation, and unemployment) and free enterprise system characteristics such as profit motive, private property, and competition impact business decision making. Research, compare, and contrast investment opportunities and compile a list of advantages and disadvantages of business ownership.