1. Types of Business Ownership 1.03 Evaluate the role of different types of business and the various forms of business ownership in the US.

2. Extractors A business that grows products or takes raw materials from nature. Examples: farmers, silver and coal miners, copper and ore, lumber, fishermen

3. Manufacturers A manufacturer takes the extractor’s products or raw materials and changes them into a form that consumers use. Examples: manufacturing snow mobiles, cars, computers, clothing, electronic items

4. Processors A business that changes natural [raw] materials into a more finished form for manufacturers to process further. Examples: paper mills, oil refineries, steel mills, flour mills

5. Distribution Firms In what location and in what businesses will the product be sold? –Wholesalers: -middleman that assists with distribution between businesses. Example: Sam’s Club –Retailer: a firm that sells directly to the consumer. Example: WalMart, Target, etc.

6. Service Firms Firms that sell a service performed by a person. Examples: going to a movie, haircut, taking lessons, playing an arcade game, using the telephone, riding a bus.