Business Types/Structures Flashcards

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Business

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A legal entity that is a decision-making company or organization that provides goods and services to the general public or other organizations

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Goods

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Physical products - consumer goods are products sold to the general public, and capital goods are physical products used by companies to produce other goods

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Services

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Intangible products provided by a business

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Needs

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Basic necessities that a person must have to survive

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Wants

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Desires a person may have, the things they would like to have

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Maslow’s Hierarchy of Needs

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An idea or theory in psychology proposed by psychologist Abraham Mazlow, which depicts a five-tiered model of human needs. The tiers represent the order beginning with the most basic needs and moving to more advanced needs. The pursuit of the different levels of needs is based on human motivation. 

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Unlimited liability entities

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No protection from personal liability

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Limited liability entities

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Owner's liability restricted to investment

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Sole proprietorship

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Business owned by a single person

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General partnership

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Business owned by two or more individuals responsible for liabilities