bus 110 flash cards
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| What are the forms of ownership? | Sole proprietorship, corporation, and partnership
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| what is a sole proprietorship ? | a sole proprietorship is when a business is owned by one person.
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| What is a partnership? | - an association of two or pore individuals who conduct business through voluntary legal agreement. At least one of the partners must be a general partner
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| What is a general partner? | general partner makes business decision but has unlimited liability.
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| what is a limited partner? | A limited partner does NOT make business decisions and their liability is limited to the amount of money they invest.
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| what is a corporation? | A legal entity which is invisible, intangible and existing only in contemplation of the law.
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| What are the types of corporations? | public, private, open, or closed which is also known a family
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| what is a public corporation? | Public
Owned and operated by a federal, state, or city government for the purpose of conducting public business.
Example post office, fire, police
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| what is a private corpotation? | Private is Owned and operated by individuals for the sole purpose of making a profit. can be either open or closed?
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| what is an open corporation? | a private corporation where The public can purchase stock in this corportion
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| What is a closed corporation? | a private corporate where
public CANNNOT buy stock in that corporation it is held by
family or a close number group of people
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| What is the differnce between a profit and a non profit organization? | The difference is what you are legally allowed to do with the profit. You can only use profits from a non-profit corporation for the purpose that your corporation is intend. these tend to be religious, healthcare and educational corps.
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| what is A charter? | a legal document a corporation needs to legally operate is what determines wether a corp is alien, domestic, or foriegn.
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| what is an alien corp? | An alien corpotion that is chartered by a foreign government but operates in the united states.
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| what is a foreign corp? | Operates in a STATE other than the STATE in which it received its charter
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| what is a domestic corp? | If a corporation operates or does business in the state in which it received its charter
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| What is a franchise? | Can be either a sole proprietorship or partnership that operates as though it were part of a corporate holding.
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| Who sets rules for a franchise? | Corpotion sets the rule for a franchise
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| what is a free enterprise system? | same as free enterprise, Capitalism is theoretically –no gov’t regulation of business and business is regulated through competition and Satisfaction of consumers Is how competition regulates businesses
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| what is capitlism? | Capitalism is theoretically –no gov’t regulation of business and business is regulated through competition
Satisfaction of consumers Is how competition regulates businesses
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| what are your rights in a free enterprise/capalisism system.? | 1. choice
2. Buy or sell or will or inherit or accumulate property
3. Profit after taxes
4. Right to know competitive ground rules
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| what is tangible and what is intangible property? | angable property is property you can see feel and touch.
Intangible property- intellectual property
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| Gov’t regulations( in term of laws) are to protect whom? | the consumer and the workers.
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| What are the premises of the production concept? | Consumers are primarily interested in product availability and low price
Consumers know the price of competing brands
Consumers are NOT interested in non-price differences.
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| what is the differnce between today's competition vs competition 100 years ago. | 100 years ago competition was internal
one company vs antoher
today, competition is external
u.s. is competing with other counries because we don’t really make anything here.
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| name the first premise of the marketing concept | Consumers can be grouped into marketing segments based on need or want.
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| name the 2nd premise of the marketing concept | Consumers in any segment will purchase the product from that company that best satisfies that particular need or want.
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| name the 3rd premise of the marketing concept? | The company’s main job is to research their target markets and then develop effective advertising campaigns.
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| what is socialism? | Redistribution of wealth
govt controls major industries
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| What are the types of competition? | Oligopoly,Monopolistic,Pure/perfect
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| what is pure/perfect competition? | Many buyers and many sellers
Sellers will not dominate the market
Products that they offer will be identical
Price is not determined by supplier( i.e. gorwing season)
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| What is monopolistic competition? | Many buyers and many sellers
The sellers may dominate the market
The products they offer may be different
Difference can be either real or imagined
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| what is Oligopoly compeition? | Many buyer and few sellers
The sellers will dominate market
Products that they offer will be either standardized( can’t see the diffrence)(steal/oil)
or not standardized (can see differnce) (cars)l
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| which english economist came up with idea for capitislm and what did he write that spoke about it? | adam smith who wrote wealth of nations
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| what are Factors of production? | Money
workers
Materials
Facilities
Entrepreneurship
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