Sole Proprietorships
What is a Sole Proprietorship
A business owned and operated by one person.
What is a partnership in the context of econ
a business owned by two or more persons who agree on a specific division of responsibilities and profits.
What is Mr. Ellis' favorite food (3 Acceptable)
Buttered Noodles
Steak
Pizza Hut Pizza
What is a Corporation
Legal Entity owned by individual stockholders, each of whom has limited liability for the firm's debts
Define Offshoring
Define the term Liability
The Legal Obligation to pay debts
Give me two of the types of partnerships
General, Limited Liability, Limited
What is Mr. Ellis' favorite Sport
MMA
What is a Stock
A Share of Ownership in the Company
What is Contingent Employment
Temporary Work
Give me two possible advantages of a sole proprietorship
Easy to Start/Finish, Few Regulations, Sole Receiver of Profit, Full Control
Give me two possible advantages of Partnerships
Ease of Start-Up, Shared Liability, Making more Capital, Shared Decision Making
What is Mr. Ellis' favorite NBA team
The Milwaukee Bucks
What are the Two types of Corporations
Publicly Held and Privately Held
Who is considered on The Labor Force
All Nonmilitary people who are either employed or unemployed
Give me two possible disadvantages of Sole Proprietorships
Unlimited Personal Liability, Limited Access to Resources, Lack of Permanence
Explain what a Franchise is
Semi-Independent business that pays fees to a parent company in exchange for the right to use their business' image and products and training
What was Mr. Ellis' Major in College
Cyber Security
Give me two Possible Advantages of Corporations
Limited Liability for Shareholders, Raise Large Amounts of Money, Borrow Money easily from Banks, Corporate Owners do not require special skills, Long Life
Name the 4 types of Labor
Unskilled, Semi-Skilled, Skilled, Professional
What do all Sole Proprietorships need from the local govt to operate
Business License
Give me an Advantage AND a Disadvantage of Franchises
Advantage: Management Training, Standardized Quality, National Advertising, Financial Assistance, Centralized Buying Power
Disadvantage: High Franchising Fee, Strict Operating Standards, Purchasing Restrictions, Limited Product Line
What is Mr. Ellis' favorite concert he's ever been to
Rex Orange County
Give Me Two Disadvantages of Corporations
Difficult and Expensive to Start, Double Taxation, Loss of Control, More Regulation
What are the two "effects" going to college has on an individual's human capital
The Screening Effect and The Learning Effect