Final answer:
Jim has selected litigation as the form of dispute resolution to address his claim of economic loss due to business theft by his partner. Litigation involves bringing the case before a court where a judge or jury will make a legally binding decision.
Step-by-step explanation:
Jim has undertaken litigation to file a lawsuit claiming economic loss due to theft of business revenues by his partner. Litigation is a legal process in which a case is brought before a court of law for decision. In contrast to other forms of dispute resolution such as arbitration (where a neutral third party makes a binding decision), mediation (which involves a neutral third-party facilitating a resolution between parties), and reconciliation (a process of restoring friendly relations), litigation involves a judge and possibly a jury making a final, legally binding decision after hearing arguments from both sides.