Types of Businesses
Basic terminology
Stuff you should know!
More terms of importance
Stuff!
100
The type of business where only one person owns it.
What is a sole proprietorship?
100
Something you would like to have.
What is a want?
100
The three basic economic questions.
What is what to produce, how to produce, and for whom to produce?
100
A bunch of people move out of a city. What happens?
What is demand decreases?
100
This goes on the y and x axis of a supply and demand graph.
What is y is p and x is q?
200
A type of business owned by 2 or more people independently
What is a partnership?
200
Opportunity cost definition.
What is the next best alternative?
200
Group that controls supply.
What is businesses?
200
Giving up less to make something than another country.
What is comparative advantage?
200
Being able to produce more of an item than another country.
What is absolute advantage?
300
A type of business where small pieces of stock are purchased in order to raise money for a business.
What is a corporation?
300
The definition of scarcity.
What is unlimited wants with limited needs?
300
Group that controls demand.
What is consumers?
300
Someone sells an item. A fire burns down their factory. What happens?
What is supply decreases?
300
Someone makes an item, and one of the items used to make the item becomes more expensive. What happens?
What is supply decreases?
400
Disadvantages of a corporation.
What is each person has less control over the business?
400
The four factors of production.
What is land, labor, capital, and entrepreneurship?
400
The factors that cause demand to shift.
What is tastes, related goods, income, population, and expectations?
400
Advantage of a corporation.
What is if the company fails, you cannot be held legally responsible?
400
Scarcity defined.
What is unlimited wants with limited resources?
500
A disadvantage of a sole proprietorship.
What is that the owners are legally responsible if the business does not succeed?
500
A person who has the ability, knowledge, and risk-taking to create a business.
What is an entrepreneur?
500
Definition of capital.
What is money and equipment?
500
What are the factors that cause supply to shift?
What is natural disasters, input, competition, and expectations?
500
Disadvantage of a partnership.
What is if the company fails, the owners will be legally held responsible and can have their property seized?
M
e
n
u