Types Of Business Ownership
One person has unlimited liability but keeps all the money
What is Sole Proprietorship
When a bunch of small sized businesses all make the same product, making it so nobody has market power
What is Perfect Competition
Grocery Stores, Department Stores and Convenience stores are an example of
What is Retail business
A factory, usually with terrible working conditions and low paying wages is called?
What is Sweat shop
A tax or duty to be paid on a particular class of imports or exports
What is Tariff
When 2 or more own a business with split liability and profits, like a law firm
What is Partnership
When a bunch of small sized businesses all make a similar product, making it so market power is there but still a small market share
What is Monopolistic Competition
Oil Change, Landscaping and Photography are examples of
What is Service Business
When a company conducts business that maintains being in line with society standards
what is CSR (Corporation Social Responsibility)
When having one good creates the demand / need for another different good
What is Complementary good
A business that is not sold out in shares to the public but rather owned but up to 50 people
What is Private Corporation
When one business has full market control over others
What is Monopoly
Via Rail, Canada Post and Bank of Canada are examples of
What is Crown Corporation
A person within a company who releases information that is deemed unethical or illegal
What is Whistleblower
When a group of individuals who run a corporation/co-operative & make decisions on behalf of shareholders
What is Board of Directors
A business that is owned and operated by a group of people with a common interest who use it products, supplies or services.
What is Cooperative
When a few businesses control most of the market leaving little room for others
What is Oligopoly
American Red Cross, National Geographic and PBS are examples of
What is Not for Profit Business
Related to ICT, when media like music and television are downloaded for free. Also known as piracy
What is Unauthorized Downloading
A dynamic pricing method where prices are temporarily increased as a reaction to increased demand and mostly limited supply
What is Surge Pricing
When a Party of people allow a different Party of people to use the same branding and Trademark
What is Franchise
Airlines, Phone Market and Entertainment are an example of what competitive market type
What is Oligopoly
Deloitte, EY, KPMG, PwC Are examples of
What is Consulting Business
When a company makes false signatures, legal documents or digital records with intent to gain financial advantage.
What is Forgery
When a good catches the world by storm but then dies down just as quick
What is Fad