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Terms in this set (28)
Not-for-profit organisations (NFPs)
organizations in the community that also provide goods and services but their main aim is not to make profits for owners. Any profits made are retained in the organization and not distributed to owners or members.
a type of business ownership structure that gets its name from the fact that it is owned by one person. The business is not incorporated as a company so the owner is the legal entity.
Advantages of a Sole proprietorshipbusiness
- owner gets all the profits
- makes all the decisions
- simple and easy to set up
- few government regulations
Disadvantages of Sole proprietorship business
- owner has unlimited liability
- limited capital makes it hard to expand
- owner has limited knowledge or lack business skills
- hard to take holidays or time off if sick
is a business that is run by two or more people who share the ownership of the business. The business is not incorporated as a company so the owners are the legal entities.
Advantages of a Partnership business
- more capital can be raised
- more skills and sharing of workload
- share the risk
- tax advantages in some circumstances
- easier to take holidays
Disadvantages of Partnership business
- owners have unlimited liability
- disagreements & disputes may occur
- profits have to be shared
- has a limited life
is a business that is incorporated. It means it is a separate legal entity from its owners. This organization can own property, sue and be sued in its own name.
Advantages of a Corp
- owners or shareholders have limited liability
- more capital can be raised
- have a continuos existence
- transfer of ownership is easier
Disadvantages of a corp
- more expensive to set up
- many government regulations have to be followed
-part owners of a company
-Investors who purchase shares of stock in a corporation.
non for profit
Organizations that benefit others. This includes; Charities
Businesses owned and controlled by the people who use it - producers, consumers, or workers with similar needs who pool their resources for mutual gain.
Company's share of profits to the shareholders based on the corporation's performance.
A form of business ownership in which the owners are liable only up to the amount of their individual investments.
someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization's resources to try to realize it
a person who assembles and organizes the resources necessary to produce goods and services. Are willing and able to take the risks involved in starting and managing a business
attempts to persuade the reader by using a famous person to endorse a product or idea
Uses emotional or catchy words to create a positive feeling and makes it easier to remember the product or idea
soft soap advertisement
flattery or insincere compliments designed to get the audience on the side of the speaker
Associating a person or idea with something everyone thinks is good.
intent to have the history, qualities and appeal of the image behind/beside relay onto themself
Attempting to convince the public that one's views reflect those of the common person
using attractive models to convey the idea that a product will make you more appealing
Anything that causes laughter or amusement
describes demand that is very sensitive to a change in price
Describes demand that is not very sensitive to a change in price
diminishing marginal utility
Decreasing satisfaction or usefulness as additional units of a product are acquired
Ability or capacity of a good or service to be useful and give satisfaction to someone.
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