Business And Market Structures Flashcards
(34 cards)
What 2 places can a entrepreneur get help starting a business from?
Government and the Internet.
What are start ups?
Money needed to start a business.
What are four elements of business operation?
Expenses, Advertising, Record Keeping, and Risks.
What is a sole proprietorship.
When you own and operate your own business.
Advantage of a sole proprietors.
Pride of receiving all profits.
Disadvantage of a sole proprietor.
Unlimited liability
What is Unlimited liability?
Complete legal responsibility.
What are assets?
All proprietors can be seized to pay debt.
What is a partnership?
When two or more people have ownership.
What is limited partnership?
Special form of partnership where one or more individuals have limited ownership.
What is a joint venture?
Set ups for a small amount of time
What is a corporation?
An organization owned by many people but treated as one.
What is stock?
Part ownership rights to certain future profits.
What is limited liability?
When they can only sue your company not you?
What are the articles of incorporation?
Primary rules governing the management of incorporations.
Corporate charter
Regulations of incorporating.
Biggest advantage of a corporation?
Limited liability
What is a franchise?
When a company sells the right of a companies name to someone
What is a merger?
When two or more companies combine.
What is a market structure?
Amount of competition.
What is a patent?
Gives exclusive rights to manufacture.
What is a copyright?
Lifelong patent
What are barriers to entry?
People’s ability to enter a market
What are two most common barriers to entry?
Start up cost and technology
