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Types of Economies
Types of Businesses
Classifying Businesses
Key Terms
Purpose and Functions of Business
100
Traditional Economy
Farming, hunting and gatherings are done the same way as the generation before.
100
Sole Proprietorship
Owned by one person.
100
Profit-Making Business
Motive is making profit.
100
Profit Motive
Person's incentive to work to gain something for himself(that is to make money).
100
Management
Makes sure the entire organization meets its goals and obligations.
200
Market Economy
Businesses and consumers decide what they will produce and purchase and in what quantities. Also called Free Enterprise.
200
Partnership
Owned by two or more people.
200
Non-Profit Making
Can earn a profit but can not be run for the sole purpose of earning a profit.
200
Consumer
A person who uses goods or services. Many times the consumer is also the customer(purchaser).
200
Marketing
Satisfies the needs and wants of consumers through exchange.(based on four Ps)
300
Service Businesses
Provides services rather than goods.
300
Sole Proprietorship
A business owned by only one person.
300
Information Technology
Uses technology to share knowledge facts and data to others.
400
Product Businesses
Sells goods to consumers and other businesses.
400
Multinational Corporation
A company that does business and has business facilities in many countries, such as Coca Cola.
400
Operations
Considered the back office.
500
Combination Production and Services
Some businesses are both product and service businesses and sell products and services.
500
Non-profit Organization
A business who's goal is to provide a service rather than to make a profit such as American Red Cross.
500
Human Resources
Manages people and relations within the company