Types Of Business
A business owned by a single person
sole proprietorship
products that are created domestically and transported for sale abroad
Exports
Capital, Informational Resources, Labor, Physical Resources, Entrepreneurship
Factors of Production
The environment in which a business conducts its operations and derives its revenues
Domestic Environment
organization most likely has the greatest impact on European countries
EU
A business similar to a sole proprietorship but is owned by more than one person.
Partnership
describes when the amount of money that a nation owes their creditors
National Debt
A computer is an example of
Physical Resource
The Process of converting government enterprises into privately owned companies
Privatization
The intersection of the demand curve and supply curve
Equilibrium Price
A mix between a partnership and a corporation where the owners assets are protected.
LLC
Situation in which a country’s imports exceed its exports, creating a negative balance of trade
Trade Deficit
Dave Portnoy, Elon Musk and Oprah Winfrey are an example of this factor of production
Entrepreneurship
government agency is in charge of assisting small businesses
SBA (Small Business Association)
A CEO, CFO, President and COO’s
Officers
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Corporation
In the city of Taneytown, Christmas trees are being sold for $25. At this price, buyers are able to satisfy their demand, though some trees remain unsold.
Trade Surplus
A formula for a restaurant is considered
Informational Resource
the practice of protecting domestic business at the expense of free market competition
Protectionism
An organization that provides goods or services to earn profits
Business
Owners of a Corporation
Stockholders
total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product
A barista is considered a part of this factor of production
Labor
Farming is an example of this type of competition.
Perfect Competition
The invention in the 1700’s that changed marketing around the world
Printing Press