1. Activator – Chapter 8 Write down three occupations that you’re considering for your future. Categorize each of your choices based on who your employer might be for each job. JobEmployer1. 2. 3.

2. Chapter 8 - Business Organizations Business organization (firm) –establishment formed to carry on a commercial enterprise. 3 types - Sole proprietorship, partnership, corporation Each has different levels of liability (responsibility) Liability – legal obligation to pay debts incurred by the business Each are engaged in bringing goods, services, or both to consumers in the market

3. Sole proprietorship – a business owned and managed by a single individual Most common type of business organization 75% of all businesses are sole proprietorships in the U.S. Sole Proprietor http://www.arete-basketball.com/

4. Partnership Partnership – a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Account for about 5 % of all businesses General Partnership – partners share equal liability and responsibility Doctor’s lawyers, accountants, small family businesses Limited Liability Partnership – all partners are limited from personal liability, in the case of another partners mistakes. Legal buffer from personal liability Articles of Partnership – outline the agreements between partners.

5. Corporation Corporation – is a separate legal entity, or legal being, owned by individual stockholders, each of whom faces no liability for the firm’s debt Stock – a certificate of ownership in a corporation Partial owner, i.e. 1000 shares, purchase 1, 1/1000 th owner of the company Corporation has a separate legal identity, an entity separate from its owners Account for 20% of all businesses, but 90% of all products sold

6. Figure 3.3 Ownership, Control, and Organization of a Typical Corporation

7. Corporation Closely held – privately held corporations, that do not trade stock on the public exchange Publicly held – sells stock on the market to investors in order to grow the business

8. Mergers Merger – combine with another company to become one entity Horizontal merger – firms in the same market with a similar good or service merge Vertical merger –firms involved in producing different goods or services merge Conglomerates – business mergers with more three or more businesses Multinationals – large corporation that produces and sells its goods and services throughout the world

9. Other Organizations Business Franchise – semi-independent business that pays fees and royalties to a parent company Business is granted right to sell using the name, product and brand of the company Zaxbys, McDonalds, Subway, etc. Cooperative – Co-0ps, business organization owned and operated by a group of individuals for their shared benefit

10. Other Organizations Nonprofit Organizations – business that gears towards benefiting society (philanthropy) Labor Unions – organized group of workers whose aim is to improve working conditions, hours, wages and fringe benefits for its members.

11. Landinguin/Henning Jasmine Gerald Nisha Hankerson Fabiana Johnson Dekel Joseph Taneka Murphy Tabahri Newberry Shaquail Bell Rebecca Bullard Greg Burchett Darren Cowart Michael Diggs Shaquail Ellis Matt Forrest Minnie Gallarza Jordan Armstrong

12. Binder Check – Due Tuesday 11-1 1. Reflection Questions Day 2 2. Essential Questions (2) 3. Daily Tens (7) 4. Video Questions – Browser Wars/Google 5. Ch. 7 +8 Study Guide 6. Ch. 7 +8 Crossword Puzzle 7. Ch. 7+8 VIS Terms 8. Chapter 7/8 - Notes 9. Test Corrections-Standards Sheet

13. Study Guide Chapter 7 + 8 1. Perfect/Pure competition 2. Many buyers and sellers, identical products, buyers + sellers are well informed, no barrier to entry. 3. Barrier to entry 4. Monopoly 5. Natural 6. Prices are not competitive, dictated by monopolist. 7. Patent 8. Government 9. License 10. Price discrimination 11. Market power 12. Monopolistic 13. Many firms, product differentiation, low barrier to entry, little control over price 14. Running shoes, pens, cars, etc., gas station near highway, publix, designer t-shirt

14. Study Guide Chapter 7 + 8 15. Oligopoly 16. Collusion, price fixing 17. Antitrust 18. Microsoft 19. Business organization 20. Sole proprietor 21. Partnership 22. General 23. Limited 24. Limited liability 25. Articles of partnership 26. Corporation 27. Sole proprietorship 28. Corporation 29. Stock/share 30. Partnership 31. Sole proprietorship 32. Closely 33. Publicly 34. Partnership 35. Corporation 36. Multinational 37. Horizontal 38. Vertical 39. Conglomerate 40. Franchise 41. Cooperative 42. Consumer 43. Service 44. Producer

15. Extra Credit 1. List the 4 market structures in order from least competitive to most competitive. 2. What does it mean to have market power? 3. Which of the four forms of nonprice competition (physical characteristics, location, service level, image/status), would reflect the following? a. A fast food restaurant near the beach b. A new shape for a running shoe c. Publix, “Where shopping is a pleasure” d. Express brand clothing vs. Target

16. Essential Question #1 1. How do the 3 business organizations differ? A sole proprietorship is owned and operated by ___________________ Partnerships are owned by _______________ Corporations are owned by ___________________ Essential Question #2 2. What are the characteristics of each market structure? Perfect competition, products are ___________________, _____________ firms, consumers are _____________, ________________ barriers to entry. Monopolistic competition, products are __________________, but not _________________, __________________ firms, __________________ barriers to entry. Oligopoly, products are ________________ or _____________, and are controlled by ___________ firms. ____________ barriers to entry Monopoly, ___________ product, controlled by ___________ firm, ______________ barriers to entry one person 2 or more people shareholders identicalmany informedno similar identicalmanylow Identical similar a fewhigh one complete