Freedom to Compete
Sole Proprietorship
Partnership
The Cooperative
100
The struggle among businesses for customers while going head to head.
What is competition?
100
A business owned by one person.
What is Sole Proprietorship?
100
A business owned by two or more persons.
What is Partnership?
100
An organization owned and operated by its members.
What is cooperative?
200
assumes consumers will choose the lowest priced products available.
What is price competition?
200
Easy setup, licensing the paperwork, and total control.
What are advantages of sole proprietorship?
200
Easy setup, more skills and knowledge, available capital, total control by partners, and profits taxed once.
What are advantages of partnership?
200
Provides benefits, control and ownership to the user.
What are advantages of the cooperative?
300
relies on factors other than price to attract and keep customers.
What is non-priced competition?
300
An individual who takes the risk of starting a new business.
What is an entrepreneur?
300
unlimited liability, possible disagreement among partners, shared profits, and limited life.
What are disadvantages of partnership?
300
Limited flexibility, slow decisions, potential growth is limited, and difficult to maintain the membership group as some members may lose interest.
What are disadvantages of the cooperative?
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