Role of Business.

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Presentation transcript:

Role of Business

Quick Write What do you already know about different types of business? What types of business are most popular? What types of business can most people invest in? Explain your answers.

Role of Business Entrepreneur- a person who starts a business Profit- the difference between what it costs a business to produce something and the price the buyer pays for it Entrepreneurs start businesses because they want to earn a profit.

Basic Factors of Production Labor- Workers provide labor and receive salaries. Land- Landowners provide land and receive rent. Capital- Banks provide capital and receive interest.

Business Ownership Sole Proprietorship- when a business is owned by an individual An advantage of sole proprietorship is that the owner gets to keep all of the profits. Partnership- type of business in which two or more people share ownership

Business Ownership Corporation- a business that is run separately from the people who own it Corporations sell shares of ownership called stocks People who buy the stocks are called stockholders Corporations sell stock in order to raise large amounts of money Corporations make up approximately 90% of the total sales in the US