1. Big Business

2. Free Enterprise
FREE ENTERPRISE is a system in which privately owned companies compete freely

3. Buddy Valastro and his families bakery
Family Owned Business
A FAMILY OWNED BUSINESS is a business actively owned and/or managed by more than one member of the same family
Buddy Valastro and his families bakery

4. Positives vs. Negatives of Family Owned Business
- Risk is shared among a few
Work and play are rarely separated
- Ability to run business to your liking
Members of the family owned businesses normally put in long hours
- Work with a close knit group
- Personalized

5. Entrepreneur
An ENTREPRENEUR is someone who organizes, operates, and takes a risk to profit from a business they create.
Walt Disney
Bill Gates
Steve Jobs
Estee Lauder

6. Partnership
A PARTNERSHIP is a form of business between two or more individuals who share management and profits.
Thomas Edison and J.P. Morgan and the Vanderbilt’s
Wilbur and Orville Wright
Sam, Jack, Albert, & Harry Warner
Bill Hewlett & David Packard
Ben Cohen & Jerry Greenfield

7. Positives vs. Negatives of Partnerships
- Profits must be shared
- There is a wider pool of knowledge and skills
- Decisions need to be made collaboratively (together)
- Risk is shared

8. Corporation
A CORPORATION is a business owned by many investors

9. Positives vs. Negatives of Corporations
- Large pool of capital (money) to build the business
- Profit is shared among many
- Depersonalized
- Risk is shared among many people

10. Rockefeller’s Standard Oil
Monopoly
A MONOPOLY is a company that controls all business in a particular industry.
Rockefeller’s Standard Oil
Current
Monopolies?

11. Positives vs. Negatives of a Monopoly
- Limits competition: without competition business has no reason to keep prices low or improve their products
- Efficient
- Driving force behind economic boom in the late 1800s
- Quality of products could decrease
- Hurt consumers

12. Trust
A TRUST is a group of corporations run by a single board of directors. “Super Monopoly”

13. Positives vs. Negatives of Trusts
- Controls all aspects of an industry
- Eliminated competition
- Improved big business organization