Sole Proprietorship
How many people can own this business?
This business can have one owner
what is corporation?
A business owned by its stockholders.
whats the definition of franchise?
Contract where one business (franchisor) sells
to another business (franchisee), the right to
use the franchisor’s name and sell its product.
What is market structure?
This is the
amount of competition companies
face.
what is partnership?
Business owned by two or more people who
share ownership and control of the business
Who has full control over this business?
The owner
what must corporations have?
Must have legal documentation from the state
what do franchisee pay?
initial fee to the franchisor
that includes a percentage of all revenue taken
in.
A market where there are
numerous buyers
and sellers and no single buyer or sellers
can affect the price.
What is partnership typically?
an equal share of the company but
not always
True or False: is Sole Proprietorship the most common business organization?
True
What is corporation represented by?
share stocks
why do franchisee take a training program?
to teach franchisee how to run
the business.
what is commodity?
A product that is considered the same
regardless of who makes or sells it
what number of firms is monopolistic competition?
hundreds
Sole Proprietorship makes up roughly (blank percentage) of all the businesses in the US. What goes in the blank percentage slot?
75%
Who can corporation be held by?
small groups or family
when did Franchise began?
1950's
what number of firms is monopoly?
ones
what number of firms is oligopoly?
tens
Those businesses account for roughly ( blank percentage ) of all sales made in the US. What is the blank percentage?
5%
what percentage does corporation make up for all the businesses in the US?
what does franchise benefit from?
advertising without having to
advertise for themselves
what number of firms is Perfect Competition?
Thousands
whats an example of perfect competition?
Farmers market