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Types of Business

Economics

QuestionAnswer
a "behind the scenes", inactive partner has limited liability for the business's debts limited partnership
merger of corporations involved in different steps manufacturing or marketing vertical merger
merger of corporatons involved in the same business activity horizontal merger
provides goods and services to members or the community without making profits non-profit organizations
least common form of business organization in the United States partnerships
most common form of business organization in the United States sole proprietorship
all partners are equally liable for management and debts; partners usually draw up legal papers called articles of partnership general partnership
advantages of a corporation limited liability of debt; ease of raising money; unlimited life...
disadvantages of a corporation little to no control over business; double taxation; government restrictions...
person who owns a share(s) of stock in a corporation stockholder or shareholder
firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales conglomerate
an owner is personally and fully responsible for all losses and debts of a business unlimited liability
nonprofit association providing some type of economic activity for the benefit of its members; credit union; Sam's Club; Farmer's marketing Cooperative
type of market structure characterized by a large number of buyers and sellers; no price control; no barriers to entering the market perfect competition
type of market structure characterized by many sellers; little price control; little barrier to market entry monopolistic competiton
type of market structure characterized by few sellers; considerable price control; large barriers to market entry oligopoly
type of market structure characterized by one seller; complete price control; large barriers to market entry monopoly
Reasons for government involvement in the US economy regulate industries in which a monopoly is in the public interest (utility companies); prohibit market structures that are not competitive; protect the rights of workers and consumers; promote economic efficiency...
purchase of a corporation by another corporation or by an investor group; the identity of the acquired company may be lost acquisitions
outlawed restraints and monopolies that hinder trade Sherman Antitrust Act
no government interference in business laissez-faire
ownership certificates in a firm stock
real or imagined differences between competing products product differentiation
charge the same or similar prices for a product price fixing
combination of corporations or companies trust
advantages of a sole proprietorship easy and inexpensive to form; complete control; no special tax; ease of dissolution
disadvantages of a sole proprietorship unlimited liablility; limited managerial experience; trouble finding qualified employees; personal time commitment...
advantages of a partnership ease of formation; available capital; flexibility; diverse skills and expertise; attract good employees...
disadvantages of a partnership unlimited liability; conflict between partners; difficult to exit; limited life...
3 forms of businesses sole proprietorship; partnership; corporation
5 conditions of perfect competition large number of buyers; identical products; each buyer and seller must act independently; byers and sellers must be reasonably informed about products and prices; very easy to enter and exit
authorization granted by a manufacturer to sell his/her product or service franchise
advantages of a franchise proven product/concept; financial assistance; management training and assistance; opportunity to expand
disadvantages of a franchise loss of control; restricted operating freedom; cost of franchising
Created by: dlecates
 

 



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