BUSINESS EXAM CHAPTER 3-6
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11 terms
Terms | Definitions |
|---|---|
 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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