Businesses that are designed to focus on either generating profit or improve society

(a)  

When a business focuses on generating profits

(a)  

When an organization focuses on improving the social good throught the arts, education, health care, or some other area.

(a)  

Manual labor was largely replaced by machine-based labor. Industry developed around factories in which machines, not people, were the primary tools of production.

(a)  

In 1776 a Scottish economist published An Inquiry of the Nature and Causes of the Wealth of Nations, which highlighted the division of labor in production.

(a)  

English mathematician and inventor (1791-1871) also studied the division of labor in production. He applied the methods of science and mathematics to his analysis of an organization, management, planning, and labor in factories.

(a)  

The theories of scientific management were developed by American engineer (1856-1915), who organizes the theory into five essential principals

(a)  

The (a)   principle called for the shifting of responsibility within a business organization from the worker to the manager

The (a)   principle called for using scientific methods to gain maximum efficiency in the production of goods

The (a)   principle called for the necessity of choosing the best and most qualified person to perform each job so that the skill level of the worker and the demands of the task would be matched.

The (a)   principle stated that the worker must be trained efficiently.

The (a)   stated that worker performance had to be monitored so that procedures could be followed and the desired financial results achieved.

business with a single proprietor or owner. It is the most basic type of for-profit organization and the least regulated by the government.

(a)  

The owner makes all the decisions about the business and is free to keep all the profits he or she makes from the business.

(a)  

the owner is also solely liable (responsible) for the debts of the business, meaning that his or her personal assets are at risk if the business cannot repay its debts

(a)  

a contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund to divide profits among themselves

(a)  

all the owners share in the financial profits and losses, and they share the liability for all of the debts.

(a)  

one or more of the owners (called the general partners) run the business and have unlimited liability, or are held entirely responsible for the business's debts

(a)  

is a legal entity in the same sense that a person is, meaning that the corporation has designated rights, responsibilities, and privileges.

(a)  

The ownership is not connected to one individual or a small group of individuals; ownership of a corporation is represented by shares of stock that can be transferred between owners, or stockholders

(a)  

A (a)   must be drawn up in the state where the corporation intends to do business. The contract includes the corporation's name, the forecasted length of its life, its business purpose. and the number of shares of stock that can be distributed or sold.

Rules that govern the actions of the business. For example, bylaws will state how the business's directors are to be selected.

(a)  

The (a)   then elects the company's managers, who oversee the operations of the corporation in the interest of the stockholders.

The (a)   of a corporation have a responsibility to report to the board of directors of a corporation.

The (a)   of a company must ensure that the company is meeting short-term and long-term goals and that it is making a profit.

A management team of a small to mid-size corporation might include a chief of operations (CEO). a president, a chief of finance (CFO), and a human resources director. Each of these individuals might lead a team of managers who in turn oversee smaller groups of employees. This cascading organization of leadership and authority is known as a (a)   .

Is the term used to describe the processes of planning which workers will take on which tasks, how workers will be organized, and who will supervise and direct them. Even in small businesses, the complex work of managing individuals, tasks, finances, and schedules demands highly skilled leadership.

(a)