Economics Ch. 3 Questions

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explain the strengths of a sole proprietorship

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identify the weaknesses of a partnership

1. each partner is fully responsible for the acts of all other partners
2. limited partnership where investor's responsibility for the debts of the business is limited by the size of his or her investment in the firm
3. the potential for conflict between parners

explain the structure and strengths of a corporation

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explain how the firm obtains, and then disposes of its cash flow

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describe the difference between a horizontal and a vertical merger

Horizontal: takes place when two or more firms that produce the same kind of product join forces. "banks merging"
Vertical: when firms involved in different steps of manufacturing or marketing join together. "tire company and automaker merging"

explain why a corporation might choose to become a conglomerate

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describe the difference between a nonprofit institution and other forms of business organizations

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list three examples of cooperative associations

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describe the purpose of a labor union

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identify three types of business or professional organizations

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compare the direct and the indirect roles of government

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Which do you think is more appropriate-- the direct or indirect role of government? defend your position

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what is the difference between unlimited liability of proprietorships and partnerships, and the limited liability of corporations

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what advantages might a multinational bring to a hos nation

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in what ways does a consumer cooperative differ from a service cooperative

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do you think mergers are beneficial for the U.S. economy? defend your response

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