Business Flashcards
What 4 types of Businesses are there
Partnerships
Cooperatives
Franchises
Corporations
What is Sole Proprietorship, what are some advantages? What are some disadvantages?
When there is only one owner.
Advantage - You keep all profits, you do not have a boss & you make all of the decisions
Disadvantage - You take all of the blame for product, borrowing money can be more difficult & can be difficult financailly.
What is a Partnership? What are some advantages? Disadvantages?
A business is owned by partners,
Advantages - Easier financailly, more points of knowledge & Shared responsability
Disadvantages - Conflicts, might have to use personal assets
What are Co - operatives? Advantages? Disadvantages?
A business where all members are in control and there is no CEO.
Advantages - Shared skills and povs, less risk, each member has imput
Disadvantages - Decision making can be difficult, commitment of the members can vary based off of how much moey they have
What is a Corperation? Advantages? Disadvantages?
It when the business is an identity,
Advantages - Limited liability, easier to receive loans & ownership is easily transferable
Disadvantages - Difficult to set up, need to publish annual reports on the business & stock market could affect futer financial situations.
What are the classification of Corperations?
Non-Profit Corporation
Crown Corporation
Private Corporation
Public Corporation
What is a franchise?
A large business chain that in each location sells the same product and has the same look.
What is a business? What is its purpose?
An organization that produces or sells goods or services
To gain money & to satisfy the consumer
Profit : ______
Expences : ______
Profit = the amount of money c
gathered after paying expences and taxes
Expences = Money spent for the business
What are goods?
What are Services?
Goods - Tangible items
Service - Intangible
What 3 types of businesses are there?
retail
service
Manufacturing
What is privitization?
When a publicly (government) owned business or industry is sold to the private sector
what is the place where the consumers and producers interact called?
Marketplace
Is the customer always right?
Yes
How do consumers affect what products and services are being made?
They express their wants and needs influencing more of one product to be produced
What is competition? Is it good for the consumer?
Competition is when 2+ businesses are competing to get the attention of the consumer. It is good for the consumer because more is being offered at better deals.
What is it called when a product is no longer being produced? Example?
Obsolete - Typewriter
Why could something become obsolete?
Could have been a bad product
Could have been poorly marketed
Could have been replaced by something newer/better.
What are the 4 Ps?
Product
Place
Price
Promote
What are the levels of Maslow’s Hiarchey of needs?
Self Actualization
Esteem
Love & Belonging
Saftey Needs
Physiological
What are the three economic resources
natural resources,
human resources,
capital resources
What are the three types of economic systems?
Examples?
Command economy - North Korea
Free market economy - Singapore
Mixed market economy - Canada
What are the two laws of supply?
If price goes up, supply will go up
If price goes down, supply will go down
Define supply
The amount of good available by producers
