1 / 6

Understanding Business Organizations and Economic Concepts

Explore different forms of business ownership like proprietorship, partnership, and corporation. Learn about entrepreneurs and individuals contributing to economic flow. Discover how businesses, individuals, and governments interact in the economy.

djessie
Download Presentation

Understanding Business Organizations and Economic Concepts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 12ab p.1- Vocabulary p.2- Notes p.3- Vocabulary Activity/ Guided Reading p.4- Content Quiz

  2. Vocabulary • Proprietorship: A form of business organization with one owner who takes all the risks and all the profits. • Partnership: A form of business organization with two or more owners who share the risks and the profits. • Corporation: A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment • Entrepreneur- A person who takes a risk to produce and sell goods and services in search of profit • Individuals- The smallest economic unit. They are consumers and producers. • Business- They are consumers as well as producers. They buy or use land, labor, and capital to produce goods and services. • Profit- the total amount of money that a person or business makes after subtracting how much it will cost to make a good or service. • Revenue- Income or how much a person or business makes. • Public Goods- goods and services provided by the government that everyone uses. • Tax- money used to pay for public goods and services • Production- The combining of land, labor, capital, and entrepreneurship, to make and create goods • Consumption- the using of goods and services

  3. Notes 12a • Basic types of business ownership • Proprietorship: A form of business organization with one owner who takes all the risks and all the profits. • Partnership: A form of business organization with two or more owners who share the risks and the profits. • Corporation: A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment. • Entrepreneur • A person who takes a risk to produce and sell goods and services in search of profit - May establish a business according to any of the three types of organizational structures

  4. 12b • Economic flow (circular flow) • Individual and business saving and investment provide financial capital that can be borrowed for business expansion and increased consumption. • Individuals (households) own the resources used in production, sell the resources, and use the income to purchase products. • Businesses (producers) buy resources; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more resources. • Governments use tax revenue from individuals and businesses to provide public goods and services.

  5. Vocabulary Activity • _____- A form of business organization with one owner who takes all the risks and all the profits. • _____- A person who takes a risk to produce and sell goods and services in search of profit • _____- The smallest economic unit. They are consumers and producers. • _____- They are consumers as well as producers. They buy or use land, labor, and capital to produce goods and services. • _____: A form of business organization with two or more owners who share the risks and the profits. • _____- Income or how much a person or business makes. • _____- goods and services provided by the government that everyone uses. • _____- money used to pay for public goods and services • _____: A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment • _____- The combining of land, labor, capital, and entrepreneurship, to make and create goods • _____- the using of goods and services • _____- the total amount of money that a person or business makes after subtracting how much it will cost to make a good or service.

  6. Guided Reading • Individual and ____ saving and investment provide financial capital that can be borrowed for business expansion and ____ consumption. • _____ (producers) buy _____; make products that are sold to individuals, other businesses, and the ____; and use the _____ to buy more resources. • ____ is money used to pay for public goods and services. • Governments use ____ from individuals and businesses to provide public goods and services. • _____ own the resources used in production, sell the resources, and use the income to purchase products. • A person who takes a risk to produce and sell goods and services in search of profit is called an _____.

More Related