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Questions and Answers
What type of business is owned and operated by one individual?
Which business function involves planning, organizing, leading, and controlling?
What type of economy is driven by supply and demand?
What is the total value of goods and services produced in an economy?
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What type of business structure is organized by departments?
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What is the term for goods or services brought into a country?
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What is the term for the rate of change in prices of goods and services?
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What is the term for government policies to protect domestic industries?
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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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Description
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.
