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Basic Types of Business Basic Types of Business OwnershipOwnership
Page 75Page 75
What does a bankrupt frog say?
Baroke! Baroke! Baroke!
Standard 12a
Essential Understandings: There are three basic ways that businesses organize to earn profits. Entrepreneurs play an important role in all three types of business organizations.
Essential Questions: What are the basic types of profit-seeking business structures? What is an entrepreneur?
Vocabulary: proprietorship, partnership, corporation, entrepreneur
What term means What term means the power of the the power of the
Supreme Court to Supreme Court to rule a law or rule a law or
action action unconstitutional?unconstitutional?
Who Who administers administers the federal the federal
bureaucracy?bureaucracy?
Which Which branch of branch of
government government writes writes laws?laws?
Which election Which election gets the gets the biggest biggest
percentage of percentage of voters?voters?
Presidential or Presidential or State / LocalState / Local
If third parties If third parties don’t win don’t win
elections, then elections, then what purpose what purpose
do they serve?do they serve?
Name the Name the four civic four civic
duties.duties.
Which Which amendment amendment contains our contains our freedoms of freedoms of
speech, press, speech, press, petition, religion, petition, religion, and assembly?and assembly?
Why is Why is American American society so society so diverse?diverse?
Which early Which early document document
establishes establishes equality under equality under
the law with the law with majority rule majority rule
and the rights and the rights of minorities of minorities protected?protected?
Which Which fundamental fundamental
political political principle principle means a means a
government government where people where people
rule?rule?
https://www.youtube.com/watch?v=FmbHkR-9PZs
ProprietorshipProprietorship: A form of business organization with one owner who
takes all the risks and all the profits.
PartnershipPartnership – A form of business organization with two or more owners
who share the risks and the profits
CorporationCorporation – A form of business organization that is authorized by law to act as a legal person regardless of the number of owners. Owners share the
profits. Owner liability is limited to investment.
An entrepreneur …An entrepreneur …
Is a person who takes a risk to produce Is a person who takes a risk to produce goods and services in search of profitgoods and services in search of profit
An entrepreneur may establish a An entrepreneur may establish a business according to any of the three business according to any of the three previous types of organizational previous types of organizational structures.structures.
On the left side of your notebook, think of a product or service you would might like to produce some day. List the resources (human, natural, and capital) that you would need for the production of this good or service. When we take our test on Friday, you will create a flyer for
your business!
EXAMPLEEXAMPLE
Good or ServiceGood or Service: Yogurt shop: Yogurt shopHuman ResourcesHuman Resources: me and three other workers: me and three other workersNatural ResourcesNatural Resources: Water: WaterCapital ResourcesCapital Resources: money, building, chairs, tables, spoons, bowls, cups, : money, building, chairs, tables, spoons, bowls, cups, napkins, yogurt, yogurt toppings, yogurt machines, phone, computer, cash napkins, yogurt, yogurt toppings, yogurt machines, phone, computer, cash registerregister
