Economics chapter 8 and 9

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receipts

income recieved from the sale of goods or services/ slips of paper documenting a purchase

common stock

shares of ownership in a corporation that gives stockholers voting rights and a portion of future profits (after holders of preferred stock are paid)

natural, geographic, technological, intellectual, government

types of monopolies

personal assets and buisness assets

unlimited liability includes:

articles of incorporation, issue stock, name a board of directors

3 steps necessary to form a corporation

single seller, no substitutes, barrier to entry, control over market price

4 characteristics of a monopoly

expenses, advertising, record keeping, risk

4 elements involved in a buisness operation

sole proprietorship

a buisness owned and operated by one person

partnership

a buisness that two or more individuals own and operate

franchise

a contract where one buisness pays another buisness the right to use its name and sell its products

incubator

a government agency that helps start ups

general partner (does the work) and limited partner (provides money)

a limited partnership includes:

product differentiation

a manufacturer's use of minor differences in quality and features to try to differentiate between similar goods and services

monopolistic competition

a market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price

monopoly

a market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes

startup

a new buisness

joint venture

a partnership set up for a specific purpose and a short period of time

entrepreneur

a person that organizes, manages, and assums the risks of a buisess in order to gain profits

dividend

a portion of a corporation profits paid to its stockholders

limited partnership

a special form of partnership in which one or more partners have limited liability but no voice in management

corporation

a type of buisness organization owned by many people but treated by law as if it were a person. it can own property, pay taxes, make contracts, and so on.

inventory

extra supply of the items used in a buisness such as raw materials or goods for sale

assets

all items to wich abuisness or household holds legl claim

cartel

an arrange among groups of industrial buisnesses to reduce international competition by controlling the price, production, and distribution of goods

oligopoly

an industry dominated by a few suppliers who exercise some control over price

president, secretary, treasurer

board of directors:

articles of incorporation

document listing basic information about a corporation that is filed with the state where the corporation will be headquartered

barriers to entry

obstacles to competition that prevent others from entering a market

preferred stock

ownership of a corporation with no voting rights. gets the profits first and lose money last.

patent copyright

the exclusive (in writing) right to sell, publish, or reproduce creative works for a specified number of years

corporate charter

the license to operate, granted to a corporation by the state where it is established

board of directors

the pro management team that corporations hire to run the buisness

limited liability

the requirement in which an owner's responsibility for a company's debt is limited to the size of the owner's investment in the firm/if the company goes bankrupt the bank is not allowed to take personal things

unlimited liability

the requirement that an owner is personally ad fully responsible for all losses and debts of a buisness

stock

the share of ownrship in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation


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