BUSINESS EXAM CHAPTER 3-6

11 terms by BABE6970 

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Absolute advantage

________Occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries.

Be their own boss

One of the major attractions of a sole proprietorship is:

Sole proprietor's heirs have the option of taking over the business

When a sole proprietor dies:

Acquisition

A__ occurs when one company buys the property and obligations of another company

Leveraged buyout

An attempt by employees, managment, or a group of investors to purchase an organization primarily through borrowing is called ?

Franchisor

A____ is a company that has a proven business model and is willing to sell the rights to use the business model to others so that they can sell the same product or service within a given territory

The Executive Summary

Banks and potential investors are likely to read____first.

Small business employees

____ employees often find more job satisfaction than their counterparts in big business

Market

A____ refers to ppl with unsatisfied wants and needs who are willing and able to buy a product or service

Can encourage employees to deceive customers

Creating competition between employees within the corporation leads to what?

Common

The body of law created by court decisions rendered by judges is called _____ law

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