The business Structure
Define sole proprietorship
enterprise that is owned and run by one person
Persistent
to continue in spite of opposition, obstacles, discouragement, etc
economics is a
Science
Economics value
Value of a good or service
The only male species that gives birth
Seahorse
Define a corporation
a company or group of people authorized to act as a single entity
Creative
Being original, expressive, and imaginative
Insatiabitily
Everyone has unlimited wants
Carl Menger
The smartest underwater mammal
Dolphin
Define Limited Liability Comapny
a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Responsible
Having a capacity for moral decision and therefore accountable; capable of rational thought
Scarcity
Everything is limited in quantity
Carl Menger wrote his book in which year
1871
First animal to go in space
A monkey
Define joint venture
a commercial enterprise undertaken jointly by two or more parties
Inquisitive
Eager for knowledge
Define goods
Tangible items
Opportunity benefit
The satisfaction you receive from the choices you make
Fastest animal
Cheetah
Define limited liability partnership
a partnership in which some or all partners have limited liabilities.
Goal oriented
A person that tends to achieve a goal
Define services
Intangible items
Opportunity costs
The satisfaction you give up or regret from choosing to but or not buy an item
Cats