Types of Business Ownership
A business owned by one person, and where the owner has unlimited liability
Sole Proprietorship
liability that extends beyond an individual’s financial investment in a company.
Unlimited liability
Save lives, prevent injuries and reduce economic costs due to road traffic crashes, through education, research, safety standards and enforcement activity.
National Highway Traffic Safety Administration
A market where a large number of companies provide essentially the same product and sell it at a similar price or the same price, and barriers to entry for new entrants are low.
Pure Competition
The physical assets used to produce goods and services, including machinery, equipment, buildings, and tools.
Capital Goods
A business owned by two or more people
Partnership
This restricts an individual’s potential loss to the total amount of their investment in a company.
Limited liability
Responsible for protecting the public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices; and by ensuring the safety of our nation's food supply, cosmetics, and products that emit radiation.
Food and Drug Administration
A market where one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive
Monopoly
Something’s usefulness and the degree to which wants are satisfied.
Economic Utility
Which typel of organization can have up to 100 owners who must be U.S. Citizens of permanent residents
S Corportation
A business structure where one or more of the partners are not active, have no decision-making power, and are limited in their liability to the amount they invested.
A Limited Partnership (LP)
Ensures safe and healthful working conditions by providing training, outreach, education and assistance.
Occupational Safety and Health Administration
A market where a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive.
Oligopoly
The loss of potential gain from among other alternatives, when one alternative is chosen.
Opportunity Cost
A Corporation that explicitly considers public benefit in its decisions rather than only maximizing shareholder value
Benefit (B) Corpt
A hybrid business structure where all the partners have decision-making and management power, have limited liability, and can’t be held responsible for any of their other partner’s actions. Law firms and doctors’ offices are often limited liability partnerships.
Limited Liability Partnership (LLP)
Responsible for enforcing federal laws that make it illegal to discriminate based on protected classes.
Food and Drug Administration
A market where there are many suppliers, and barriers to entry are low, but suppliers try to differentiate their products and gain some price advantage.
Monopolistic Competition
Choosing between two things that can’t be had or done at the same time; so it’s giving up something you want in exchange for something else you want, often as a compromise.
Trade-off
A corporation that can sell unlimited shares of its stock to the general public, is heavily regulated by the government, and reports its financial information to the public.
C Corporation (C Corp)
All the partners have decision-making and management power, and have unlimited liability, meaning they can lose more than they invested.
General Partnership
Enhances the health and well-being of all Americans, by providing for effective health and human services and by fostering sound, sustained advances in the sciences underlying medicine, public health, and social services.
U.S. Department of Health and Human Services
The portion of the economy that is run by businesses and individuals for-profit, and not owned by the government.___________________
The portion of the economy that is controlled or owned by the government.______________
Private
Public
The reality that people’s wants always exceed the resources available to fulfill those wants.
Scarcity