Types of Businesses Index

Sole Proprietorship

-owned by one person who has the resources and ability to operate it

Advantages

- set your hours

- tax benefits

- your the boss

- keep profit

Partnership

-two or more people own the business

- can equally own it or %age

Advantages

2 or more to take finiacial responsibility

time off and some one is still there.

division of labour

synergy - 2+2=5

taking the talents of 2 ppl and getting a better product

Edney - sings jingles

Jared writes jingles

work together they get the whole jingle

Competitive Structures

1) competition - companies doing the same thing

similar prices i.e fast food

2)Oligopy

a few businesses dominate the market, cost is too much to try and start a new business

- shoes, pop

3) monopoly- one company owns it ll. They can set the price and you have to pay it!

i.e Microsoft

What businesses sell

product- somehing you can touch. -cds, clothes,

service cant touch it-denitst, mechanic,lawyer, hair cut.