CLASSIFYING A BUSINESS
What is a partnership?
Splitting a business with one or more co-owners.
Things you must have to live are considered
needs
What is prime function?
The main job, activity,or purspose that a business performs to produce goods or services.
Mention some types of properties
Real estate, capital equipment, intellectual property, assets. Homes and land, factories and tools, pantents and ideas, car and savings.
Who is the actual Mexican President?
Claudia Sheinbaum
Under 50 employees, local market focus, and owner operated management is considered a...... (regarding business size)
Micro and small enterprise
What is scarcity?
limited resources
any person or group interested in a company.
Consumers decide what goods to buy and how much they want to pay. Supply and demand set prices.
What are exports?
Goods or services that are produced in your home country and sold to buyers in another country.
What are the four industry sectors?
Primary, Secondary, Tertiary and Quaternary
What is an economy?
All the buying, selling, and working that happens in a country.
What is a Mission Statement?
a short summary explaining why a business exists and what it does today.
In a planed economy
Goverment officials decide what factories make and set product prices, communism owns all economic property.
Who is the CEO (Chief Executive Officer)?
The highest-ranking executive in a company, responsible for overall strategic decisions and operations.
What is one disadvantage of a sole trader legal structure?
What is economics?
Studies how people, families, and countries share limited resources to meet their needs and wants.
What are the 3 key questions of a Mission Statement?
1. What do we do? Who do we serve? How do we do it?
Private business and governmet programs work alongside each other. Government manages military, roads, public schools, and health care.
What is branding?
The process of creating a unique name, logo, and image for a product or company to stand out from competitors.
This industry sector focuses on information services, research, and development, IT consulting and intellectual property.
Quaternary sector.
Explain microeconomics and macro economics...
Micro focuses on small, every day choices, supply and demand. Macro zooms out to see the whole country. The national economy, inflation, unemployment, etc.
What is Colegio Chapultepec´s Mission statement?
The mission of Colegio Chapultepec is to offer a comprehensive, differentiated education for girls, characterized by academic excellence, trilingualism, technological innovation, and Christian values-based formation.
Give an example of a country with each of the economic systems.
Free Market: Singapore
Planned economy: North Korea
Mixed economy: Mexico
What is a budget?
A financial plan that estimates a company's income and expenses over a set period to help manage spending.