1. Chapter 3 Types of Business Ownership

2. public sector private sector competition price competition nonprice competition market oligopoly monopoly profit sole proprietorship entrepreneur Employer Identification Number (EIN) unlimited liability limited life partnership partnership agreement general partner limited partner cooperative corporation articles of incorporation Chapter 3 Types of Business Ownership

3. corporate bylaws corporate charter board of directors limited liability company (LLC) franchise Chapter 3 Types of Business Ownership

4. Freedom to Compete Chapter 3 Types of Business Ownership Price Competition – price is the biggest factor, consumers will choose the lowest price Non-price Competition – factors other than price attract and keep customers

5. Levels of Competition Chapter 3 Types of Business Ownership Oligopoly – a few large businesses in the market and many customers who need the product Monopoly – only one supplier in the market, no competition

6. Private Enterprise System Chapter 3 Types of Business Ownership Risks of Doing Business Competition Economic Changes Government Regulations New Technologies Natural Disasters Lawsuits Vs. Profit made from Doing Business

7. Business Ownership Organization Chapter 3 Types of Business Ownership Three Legal Forms of Business Ownership Sole Proprietorship PartnershipCorporation

8. Sole Proprietorship vs Partnership Chapter 3 Types of Business Ownership

9. Starting a Corporation Chapter 3 Types of Business Ownership Shares of stock in a corporation are bought by people who become known as stockholders.

10. Starting a Corporation Chapter 3 Types of Business Ownership Closely Held Corporation Two Types of Corporations Publicly Held Corporation

11. Starting a Corporation Chapter 3 Types of Business Ownership

12. Economic Systems Command Economy Market Economy What to produce How it should be produced For whom it should be produced Government makes the economic decisions of The three economic decisions are made in the marketplace. Chapter 3 Types of Business Ownership

13. Chapter 3 Types of Business Ownership franchise