Basic Types of Business Ownership Page 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

Candy Questions

What term means the power of the Supreme Court to rule a law or action unconstitutional?

Who administers the federal bureaucracy?

Which branch of government writes laws?

Which election gets the biggest percentage of voters? Presidential or State / Local

If third parties don’t win elections, then what purpose do they serve?

Name the four civic duties.

Which amendment contains our freedoms of speech, press, petition, religion, and assembly?

Why is American society so diverse?

Which early document establishes equality under the law with majority rule and the rights of minorities protected?

Which fundamental political principle means a government where people rule?

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Proprietorship Proprietorship: A form of business organization with one owner who takes all the risks and all the profits.

Partnership Partnership – A form of business organization with two or more owners who share the risks and the profits

Corporation Corporation – 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.

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An entrepreneur …  Is a person who takes a risk to produce goods and services in search of profit  An entrepreneur may establish a business according to any of the three previous types of organizational 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! EXAMPLE Good or Service: Yogurt shop Human Resources: me and three other workers Natural Resources: Water Capital Resources: money, building, chairs, tables, spoons, bowls, cups, napkins, yogurt, yogurt toppings, yogurt machines, phone, computer, cash register