Define 1
Products created by businesses that you can physically touch and see.
Goods
The money businesses get to keep after paying off expenses.
Profit
Their wants and needs.
Purpose of something other than making a profit. Usually for a good cause.
Non Profit
Work that businesses perform for consumers.
Services
The activity of making profit by producing and selling consumers goods and services in exchange for money.
Business
What are the three resources?
Money, Labor, Materials
Two or more people operating a business as co-owners, who share all profits. Day to day aspects of the business are split up.
Partnership
An individual who buys goods and services from businesses.
Consumer
Something that you can obtain when you need it, usually broken down into three categories.
Resources
What does LLC stand for?
Limited Liability Company
A business that was created for expanding an original business, but opening it in a new location, and where you are required to sell goods and services a certain way.
Franchise
The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
Economics
Not being able to satisfy all of your wants and needs because resources are scarce.
Limited Resources
Type of business ownership where there can be a single or multiple owners, like a partnership, but you have an option to be taxed like a corporation.
LLC - Limited Liability Company
Many owners but when the owners change, the company does not dissolve. Owners are known as shareholders. They elect a board of people to make company policies, decisions, etc.
Corporation
The activity of producing and selling goods or services and making them available to all consumers.
Economic Activity
To help people improve their lives by providing goods and services they value more highly than their other options.
Role of a Business
What is our biggest economic problem in society?
Limited Resources
Business owned by one person. Owner is in charge of all day to day aspects of the business.
Sole Proprietorship