Social GA 2.1 (Business Organizations, Economic Tools and Analyses, and Law of Demand) Flashcards
may vary in terms of operation, available capital years in operation, production process, and ownership.
firms
what are the main types of business?
Sole proprietorship
Partnership
Corporation
a business organization with only one owner
sole proprietorship
is it hard to set up a sole proprietorship business?
no
what is an example of a sole proprietorship business?
sari-sari store, fruit stalls, meatshop, and other small scale business
It is the civil code of the Philippines article 1769
partnership <3
partners who prefer to have limited liability can opt to register the business as a…
limited partnership
defined in the Corporation Code of the Philippines as “an artificial being created by operation by law, having the right of succession and the powers, and the attributes and expressly authorized by law or incident to its existence”
Corporation
management and corporate administration and is guided by the company’s articles of incorporation and bylaws
AOI
Represent all the other Corporations that do not issue stocks
Nonstock Corporations
Authorized issues to share to individuals called shareholders
stock corporations
In terms of the availability of its stocks
Either public or private
a group of corporations with diverse business activities in various industries, whereby the operations of such businesses are controlled and managed by a parent corporate entity.
conglomerate
jointly owned and managed by its members
cooperatives
what does CDA stand for
Cooperative Development Authority
This act was enacted to encourage the formation and participation in cooperatives
Cooperative Code of the Philippines or Republic Act of 6938
this act was enacted to reflect amendments to the initial guidelines
The Philippine Cooperative Code of 2008 or Republic 9520
represent an idea or theory which reflects real-world situations and is founded on sound economic analyses
Economic Models
an underlying premise is taken into consideration for the claims of the model to be valid.
assumption
is the satisfaction or value derived from the consumption of a good
utility
utility maximization is when assumptions are….
rational
have access to full information
remain consistent in their choice
utility-maximizing individuals
is the extra satisfaction that an individual derives from the consumption of an additional unit of goof within a given period, keeping other things constant.
marginal utility
is the measurement of satisfaction
utilis
for every additional consumption your marginal utility or your level of satisfaction will decline
law of diminishing marginal utility
this graph is best when you want to highlight the trend.
line graph
this chart provides a good visual aid when you want to highlight the ratio of a variable relative to other variables or to the whole.
pie chart
these charts are ideal when you want to show comparisons between variables for various periods.
bar charts
this chart is handy when you compare the proportion of two or more variables for several periods.
horizontal bar chart
