Corporations
This is a business owned by a group of people, but it acts as though it were owned by a single person
What is Corporation
The process of deciding how to best use a business’s resources to produce goods and services.
What is Management?
1. What goods and services should be produced?
2. How will the goods and services be produced?
3. For whom shall the goods and services be produced for?
What are the three economic questions every business need to ask?
When price changes so does demand
What are Elastic goods and services?
• A business that has complete control of a market.
What is a Monopoly?
These are the owners of a corporation.
What are shareholders?
•Setting company goals
•The process to achieve those goals
What are planning functions?
•Based on traditions/religions
•Change and growth occurs slowly
What is Culture Economy?
Protects the safety, health and rights of its citizens
What is government role as a regulator?
•Discourages monopolies by outlawing business agreements that promote monopolies
What is the Sherman Act?
Profits that are distributed to stockholders on a per share basis
What are Dividends
•Directors, Operation Managers, District Managers
What is Middle Management?
Daily Double
•Most resources are privately owned
•Decisions are made in the marketplace
What are Market Economies?
The one who picks the winner.
What is a consumer?
Enforces the laws that protect competition. Makes competition fair.
What is the Federal Trade Commision
Two corporations coming together for a limited time partnership.
•Assigning employees to a task
•Grouping activities
What are organizing functions?
•Motivation for economic gain and invest $$$/ development
What is Profit?
All other things being equal consumer will buy the lowest priced good
What is Price Competition?
•Forbids selling the same good to different buyers at different prices
•My Pillow can’t run a never-ending buy one get one pillow offer
What is the Robinson-Patman Act?
Businesses taxed like a partnership, but has limited liability like a corporation
What is a S-Corporation?
•Measurement of organizational effectiveness
•Controlling financial budgets
•Evaluating sales growth/decline
What are Controlling Functions?
Characterized by democratic institution but depends heavily on govt. control of industry
What is Socialism?
•When price is not the only factor affecting the consumers
What is Non-Price Competition?
Forbids corporations from acquiring ownership rights of competitors if the purpose is to create a monopoly
What is the Clayton Act?