Which of the following best defines a "joint venture"?

A joint venture is characterized by a business arrangement in which two or more parties come together to pool their resources for a specific purpose. This collaboration often involves sharing both the risks and rewards associated with the project, allowing the companies involved to leverage complementary strengths and capabilities.

In this arrangement, each party contributes assets, expertise, or technology, which can lead to enhanced competitiveness in the market, increased efficiency, and access to new markets or customer bases. Joint ventures are commonly established for specific projects or to achieve particular goals, such as entering a new market or developing a new product.

The other options do not accurately capture the essence of a joint venture. While a partnership without shared resources lacks the critical element of collaboration that defines a joint venture, the description of a company operating independently in foreign markets does not involve the pooling of resources. Lastly, an agreement to avoid competition in a specific market reflects a different type of business strategy, focusing on non-competitive agreements rather than cooperative resource-sharing as seen in joint ventures.