Econ Chapter 3

A ____________ ________ is a business run by one person

• sole proprietorship

• partnership

• conglomerate_

• Merger

a business jointly owned by two or more persons

• sole proprietorship

• partnership

• conglomerate_

• Merger

composed of four or more businesses, each making unrelated products

• sole proprietorship

• partnership

• conglomerate_

• Merger

combination of two or more business enterprises to form a single firm

• sole proprietorship

• partnership

• conglomerate_

• Merger

in business to promote its members’ collective interests, not to seek financial gain

• sole proprietorship

• partnership

• conglomerate_

• Merger

• nonprofit Organization

smallest business organization in size but the most numerous & Profitability .

• sole proprietorship

• Conglomerate

• Corporation

• Non-profit Organization

two types of partnership

• General

• Limited

• Sublet

• Reserved

type of business in which all partners are involved in the management and finances

• General

• Limited

• Sublet

• Reserved

partnership, at least one partner is not involved in management

• General

• Limited

• Sublet

• Reserved

reasons a business or firm may merge

• grow faster

• deliver a better product

• change its image

• there is no advantages