This Week

Hey Everyone! It has been a crazy week! This week we learned about business structures and the less developed countries. We now have been assigned a project with the country of our choice. We just took a test and I hope everyone did well. Keep working on projects and pray that we did well on the test!
REVIEW: DON"T FORGET IT

SOLE PROPRIETORSHIP

- 1 owner - small

- ADVANTAGES

- easy to open or close

- few regulations

- freedom and control

- owner keeps profits

- DISADVANTAGES

- limited funds

- limited life

- unlimited liability (RISKY)

- EXAMPLES

- Joe & Mimma’s

- bonnie L. Fedorchak, Bookkeeper

- 31 Gifs Consultants (Home - Based business)

PARTNERSHIPS

- 2+ owners

- ADVANTAGES

- easy to open or close

- few regulations

- owners keep profit

- more access to resources

- joint decision making

- specialization

- DISADVANTAGES

- joint decision making

- limited life

- unlimited liability (RISKY)

- TYPES

- general partnership - both partners share responsibility for managing the business and each is liable for all the business debts and losses

- limited partnership - at least one partner is not involved in the daily operations of the business (Silent Partner)

- limited liability partnership - all partners are limited partners and are not responsible for the debts and other liabilities of the other partners

- EXAMPLES

- law firms

- Smith and Cashin, DDS

CORPORATIONS

- shareholders = MANY owners

- ADVANTAGES

- access to resources

- professional managers

-limited liability

- unlimited life

- DISADVANTAGES

- start - up costs and effort

- heavy regulation

- double taxation

- loss of control

- EXAMPLES

- Apple

- Microsoft

- Exxon

- Proctor and Gamble

Competition

This week we learned about many things. We learned about competition, monopolies, and regulation. We learned that Perfect Competition is the most competitive and monopolies are the least competitive. We learned about monopolistic competition and oligopoly which are between which are complete opposites and go between perfect competition and monopolies.
 Perfect Competition ---------Monopolistic Competition -------Oligopoly -------------Monopoly
We learned about regulation and deregulation. We also learned about other market structures. We will learn more about these next week. Hope Everyone Did Well On the QUIZ!!!!!!!!!!!