My purpose
The term used to describe the cost of a choice made in terms of the next best alternative
Opportunity cost
easiest to set up
sole trader
Unlimited liability
sole trader and partnerships
Transportation, government incentives, safety, availability of land, etc
Location
wants company to produce high-quality, value-for-money products
customers
The major economic problem
scarcity
Limited company that has the least access to capital
Private limited company
Disagreement between owners
partnerships
Internal growth at the beginning
save profits
collects and provides tax money to fund other projects
government
The extractive sector
Primary
Risk and responsibilities are spread among owners
partnerships
Expanding to the point of inefficiency
diseconomies of scale
Key benefit is it enables more rapid expansion and enables business to gain skills and knowledge that it may not possess
external
"Save the Planet" interest groups
Pressure groups
The reward for labor
wages/salary
Provide clear end purposes towards which to work
enables everyone involved in a business to focus on these purposes
make it possible to check on progress and make improvements
Objectives
Although difficult to happen, an acquisition could occur
Public limited company
Large firms can gain a cost advantage in terms of investment
financial economies of scale
"We want higher wages" organizations
trade unions
Businesses constantly changing from being aware of competitors to development of new products
dynamic business
Easy to enter a new country by combining with a local
Joint venture
Type of business where lack of competition leads to higher prices and wasteful use of resources
Public corporation
As firms grow larger, more numerous, special services may develop externally. In addition, businesses in a specific area may gain a reputation.
Economies of concentration
Prompt payments and steady orders
Suppliers