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what is the definition of business?
the organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society's needs
what are the 4 fundamental business resources?
human, material, informational, and financial
what are the 3 types of economic systems?
capitalism, socialism, communism
what kind of economy does a capitalistic economic system have?
market or mixed economy
what kind of economy does a socialistic and communistic economic system have?
command economy
which economy do individuals own and operate the majority of businesses?
capitalistic
what is a free enterprise system
system of business in which the individuals are free to decide what to produce, how to produce it, and what to sell it for
what are the 4 types of compeition
monopolistic, pure competition, monopoly, oligopoly
what is absolute and comparative advantage
absolute-the ability to produce a specific product more efficiently than any other nation comparative-the ability to produce a specific product more efficiently than any other product
with globalization ______ is becoming less important
comparative advantage
what the 2 tariff barriers
dumping import duty
what are the 5 non-tariff barriers?
embargo import quota foreign exchange control currency devaluation bureaucratic
what ia a tariff
a tax that is levied on products entering the country
what is the definition of international economic communities
organization of nations formed to promote the free movement of resources and products among its members via common economic policies
what is foreign licensing
contractual agreement to market product or use brand name in reutn for royalty or other compensation
what are the 4 types of business ownership
sole proprietorship partnership corporation llc
which form of business is owned by a single owner and is the most popular forn of business
sole proprietorship
which form of business is the simplest form, owned by one person, and has limited liability for the owner
single member llc
what are the advantages to a sole proprietoship
pride of ownership, retention of all profits flexibility ease of start-up taxed once secrecy
what is a corporation known as if it is in the state it is incorporated
domestic corporation
what is a corporation known as if it located in another sttate
foregin corporation
type of corporation would you recommend to someone who was trying to avoid double taxation
s corporation
what are the 4 types of partnerships
general limited llc mlp
what are the 2 types of corporations
s corporation c corporation
in the corporate structure, who is appointed by the board of directors
owners/stckholders

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