Types of Business
This type of business is owned by one individual who is personally responsible for all debts
What is Sole Proprietorship?
Haircuts and legal advice are examples of this type of item
What are economic services?
A business's role in creating jobs and producing goods and services
What are economic services
All resources used in production, including minerals, forest, and oil.
What are natural or land resources?
In this system, economic decisions are made by individuals and businesses
What is a market economy?
In this business structure, owners are not personally liable for the company's debts
What is a limited liability company? (LLC)
This economic term is defined as the demand for a good being greater than its availability
What is scarcity?
Businesses that support local communities or social causes are fulfilling this role
What is a social role?
The effort of people and work involved in creating goods and services
What are human or labor resources?
This ecomomic system is driven by supply and demand
What is a market economy
A business owned and run by two or more people who share profits, losses, and liabilitities
What is a partnership?
This is a tangible item that be seen, touched and stored
What is an economic good?
This role involves a business's society reponsibility to minimize its negative impact through sustainable practices
What is an environment role?
The man made resources used in the production process, such as tools and equipment
What are capital resources?
The value added by making a product easy for a customer to own, such as offering payment options
Possession Utility
This is a separate legal entity from its owners, who are know as shareholders.
What is a corporation
The price of a product will go up if the when its demand is high
What is supply and demand?
Businesses contribute to the overall economy by creating wealth and promoting trade
What is the economic role of business?
This is the process of getting goods from the producer to the consumer
What is distribution?
In this system, the government or central authority makes all economic decisions
What is a co?mmand economy
What "limited" means in an LLC; protects the owners from personal assets
What is limited liability?
This is an intangible action or experience that is consumed at the point of delivery
What are economic services
This role focuses on a company's efforts in waste and reduction conservation
What is the environmental role of business
This is the process of creating goods and services
What is production?
The value added to a product when its form is changed to be more useful, like turning wood into furniture