Business Types and Functions
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Questions and Answers

What type of business is owned and operated by one individual?

  • Partnership
  • Cooperative
  • Sole Proprietorship (correct)
  • Corporation
  • Which business function involves planning, organizing, leading, and controlling?

  • Management (correct)
  • Marketing
  • Finance
  • Human Resources
  • What type of economy is driven by supply and demand?

  • Command Economy
  • Market Economy (correct)
  • Mixed Economy
  • Planned Economy
  • What is the total value of goods and services produced in an economy?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What type of business structure is organized by departments?

    <p>Functional Structure</p> Signup and view all the answers

    What is the term for goods or services brought into a country?

    <p>Import</p> Signup and view all the answers

    What is the term for the rate of change in prices of goods and services?

    <p>Inflation Rate</p> Signup and view all the answers

    What is the term for government policies to protect domestic industries?

    <p>Protectionism</p> Signup and view all the answers

    Study Notes

    Business

    Types of Business

    • Sole Proprietorship: Owned and operated by one individual, unlimited personal liability
    • Partnership: Owned and operated by two or more individuals, shared profits and liabilities
    • Corporation: Separate legal entity, owned by shareholders, limited liability
    • Cooperative: Owned and operated by members, aim to serve member needs

    Business Functions

    • Management: Planning, organizing, leading, and controlling
    • Marketing: Identifying and meeting customer needs, creating value
    • Finance: Managing funds, investing, and raising capital
    • Production: Creating goods and services
    • Human Resources: Recruiting, training, and managing employees

    Business Structures

    • Functional Structure: Organized by departments (e.g., marketing, finance)
    • Divisional Structure: Organized by product or geographic region
    • Matrix Structure: Combination of functional and divisional structures

    Economy

    Types of Economies

    • Market Economy: Private individuals and businesses make decisions, driven by supply and demand
    • Command Economy: Government makes decisions, centralized planning
    • Mixed Economy: Combination of market and command economies

    Economic Systems

    • Capitalism: Private ownership, profit motive, free market
    • Socialism: Government ownership, social welfare, regulated market
    • Communism: Collective ownership, no private property, planned economy

    Economic Indicators

    • Gross Domestic Product (GDP): Total value of goods and services produced
    • Inflation Rate: Rate of change in prices of goods and services
    • Unemployment Rate: Percentage of labor force unable to find work
    • Interest Rate: Cost of borrowing money

    International Trade

    • Import: Goods or services brought into a country
    • Export: Goods or services sent out of a country
    • Trade Balance: Difference between imports and exports
    • Protectionism: Government policies to protect domestic industries, tariffs, and quotas

    Business

    Business Ownership

    • A Sole Proprietorship is owned and operated by one individual, with unlimited personal liability
    • A Partnership is owned and operated by two or more individuals, with shared profits and liabilities
    • A Corporation is a separate legal entity, owned by shareholders, with limited liability
    • A Cooperative is owned and operated by members, aiming to serve member needs

    Business Functions

    • Management involves planning, organizing, leading, and controlling
    • Marketing involves identifying and meeting customer needs, creating value
    • Finance involves managing funds, investing, and raising capital
    • Production involves creating goods and services
    • Human Resources involves recruiting, training, and managing employees

    Business Structures

    • A Functional Structure is organized by departments (e.g., marketing, finance)
    • A Divisional Structure is organized by product or geographic region
    • A Matrix Structure is a combination of functional and divisional structures

    Economy

    Economic Systems

    • A Market Economy is driven by private individuals and businesses, with supply and demand dictating decisions
    • A Command Economy has government-made decisions, with centralized planning
    • A Mixed Economy combines market and command economies

    Economic Indicators

    • Gross Domestic Product (GDP) measures the total value of goods and services produced
    • Inflation Rate measures the rate of change in prices of goods and services
    • Unemployment Rate measures the percentage of the labor force unable to find work
    • Interest Rate measures the cost of borrowing money

    International Trade

    • An Import is a good or service brought into a country
    • An Export is a good or service sent out of a country
    • Trade Balance measures the difference between imports and exports
    • Protectionism involves government policies to protect domestic industries, using tariffs and quotas

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    Explore the different types of businesses, including sole proprietorship, partnership, corporation, and cooperative, and learn about the various business functions such as management and marketing.

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