U.S. Economy
A business owned and run by just one person.
What is a proprietorship?
A short, specific written statement of the reason a business exists and what it wants to achieve.
What is a mission statement?
A partnership that identifies some investors who cannot lose more that the amount of their investment, but are not allowed to participate in the day-to-day management of the business.
What is a limited liability partnership?
An economy where the resources are owned and controlled by the government.
What is a command economy?
Businesses involved in selling the goods and services of producers to consumers and other businesses.
What are intermediaries?
A business owned and controlled by two or more people who have entered into an agreement.
What is a partnership?
A precise statement of results the business expects to achieve.
What is a goal?
A unique business organized by two or more other businesses to operate for a limited time and for a specific project.
What is a joint venture?
The resources are owned and controlled by the people of the country.
What is a market economy?
Carries out ativities that are consumed by its customers. Does not offer products for sale.
What is a service business? Bonus: Give some examples of a service business.
A sparate legal entity formed by documents filed with a state.
What is a corporation? Bonus: What are the filed documents called?
Guidelines used in making consistent decisions.
What is policies?
Owned by a group of members, serves their needs and is managed in their interest.
What is a cooperative?
Goods and services are produced the way it has always been done.
What is a traditional economy?
Creates the products and services used by individuals and other businesses.
What are producers?
A written agreement among all owners.
What is the partnership agreement?
Descriptions of the way work is to be done.
What are procedures?
The company that owns the product or service and grants the rights to another business.
What is the franchiser?
An economy the combines elements of the command and market economies.
What is a mixed economy?
A business that takes resources from nature for direct consumption or for use in developing other products.
What are extractors?
A written contract granting permission to operate a business to sell products and services in a set way.
What is a franchise?
A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
What is an organization chart?
The company purchasing the rights to run the business.
What is a franchisee?
The private ownership of economic resources by individuals, rather than by the government.
What is capitalism?