Types of Business
This business is usually owned and operated by one person.
What is a Sole Proprietorship?
The ability to think in abstract terms.
What is Conceptual Skills?
Land & Natural Resources, Labor, Capital, and Entrepreneurship
What are factors of production?
No single buyer or seller is powerful enough to effect the price of a product.
What is Perfect Competition?
Selling and shipping raw materials or products to other countries.
What is Exporting?
A Voluntary association of two or more persons to act as co-owners of a business for profit.
What is a Partnership?
The ability to identify problems correctly.
What are Analytical Skills?
Individuals own and operate a majority of businesses.
What is Capitalism?
Market has only one seller of a product or group of products.
What is a Monopoly?
Purchasing and shipping raw materials or products from other countries.
What is Importing?
An artificial person, created by law, with most of the legal rights of a person.
What is a corporation?
The ability deal effectively with other people.
What are Interpersonal Skills?
Exhibits elements of both Capitalism and Socialism
What is a Mixed Economy?
Market with fewer sellers
What is an Oligopoly?
Total value of exports minus imports.
What is balance of trade?
A corporation that is taxed as though it were a partnership.
S Corporation
Technical skills required for specific jobs.
What are Technical Skills?
Government decides what, how, and for whom goods and services are produced.
What are Command Economies?
Has many buyers and sellers.
What is Monopolistic?
A negative balance of trade.
What is a trade deficit?
This business combines the benefits a corporation and a partnership while avoiding restrictions of the other forms of ownership.
What is a Limited Liability Corporation?
The ability to speak, listen, and write effectively.
What are Communication Skills?
Key industries are controlled and owned by the government.
What is Socialism?
The quantity that buyers are willing to purchase at various prices.
What is demand?
Total flow of money into a country minus the flow of money out of a country.
What is a balance of payments?