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12ab. p.1- Vocabulary p.2- Notes p.3- Vocabulary Activity/ Guided Reading p.4- Content Quiz. Vocabulary. Proprietorship: A form of business organization with one owner who takes all the risks and all the profits.
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12ab p.1- Vocabulary p.2- Notes p.3- Vocabulary Activity/ Guided Reading p.4- Content Quiz
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
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
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.
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.
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 _____.
