Types Of Businesses Organizations Flashcards
Types of businesses organizations
- Sole trader,
- partnership,
- corporation,
- Franchise,
- trade association
- Startup cost
2. Businesses plan
Sole trader
One time only expenses only when starting a new business. (registration, city license, etc.)
Start up cost
Document describing necessary steps an opening in operating a business
Business plan
Summary of the business to introduce to investors
Cover letter
Appointed business representatives that meet quarterly to make decisions about the firm
Board of Directors
Person who sells businesnesss for a living
Business broker
Profit of a firm given to shareholders
Dividen
Set up a businesses as a corporation requires a lawyer
Incorporate
One unit of ownership in the firm
Shares of stock
yOne company controls the entire
Monopol
Original owner of the product or service who sells the rights to operate/run the business to another person
Franchisor
Local individual who buys a right to operate as a franchise from the franchisor
Franchisee
Fee the franchisee must pay to the franchiseor
Initial franchise fee
Payments made by franchise eat to the franchise or
Royal fee
Making her producing a good
Manufacturing
yA level of output received from each worker
Productivity
When Ron materials are not available to me in the wants and needs of the consumer demands
Scarcity
A business that sell goods and services to another business
Whole saw
businesses that sells to a consumer directly
Retail
The amount of a good or service the Producer is willing to produce a particular price
Supply
An individual need or desire for a product or service at a given price
Demand
Graph label
X and Y axis, supply and demand
where supply and demand graph meats, point where enough goods are sold to cover all the cost, any product made after break even is profit.
Equilibrium price and quantity a.k.a. break even pointPoint
Private ownership of resources by individuals not government
Capitalism
overnment determines what how and for whom products and services are produced for
Communist a gay command economyG
Economic system in which people have the right to make a choice of what products to buy whether to own private property or whether to start a business or compete with other firms
Market economy a.k.a. free enterprise system
Consensus
Agreement in a group
