business
supply and demand
the relationship between availability and consumer desire
cost-benefit analysis
comparing costs and benefits before making a decision
partnership
business owned by two or more people
ethics
guidelines for right and wrong behavior in business
autocratic
one person makes all decisions
equilibrium
the point where supply and demand meet
capital
assets used for production, such as money, buildings and equipment
LLC
a hybrid of a corporation and partnership
intellectual property
creations of the mind that are legally oritected
democratic
employees participate in decision-making
scarcity
limited resources versus unlimited wants
human resources
the workforce of an organization
coroporation
a separate legal entity from its owners
copyright
protection for original works
laissez-faire
hands-off management approach
opportunity cost
the loss of potential gain when choosing one option over another
natural resources
raw materials from nature used in production
franchise
a business that operates under and existing brand
trademark
protection for brand names, logos, and slogans
business plan
a roadmap for business success
needs vs wants
essential vs non-essential goods/services
sole proprietorship
business owned by one person
non-profit
an organization focused on goals rather than profit
patent
protection for inventions
product price place promotion
the 4 p's