Homework Check Your Progress
Tenisha Frazier
Heald College San Francisco
Chapter One
3. The main participants of a business are owners, customers, and employees. The main activities of a business are management, marketing, and finance. Other factors that also impact on the conduct of business in the United States are legal, political, and regulatory forces also social and ethic responsibility, the economy, competition and technology.
4. Communism, capitalism, socialism, and mixed economies are the four types of economic systems. Cuba is a communism economic system for example in Cuba hospitals, doctors, medicines, and health care are all controlled by the Cuban government.
Sweden would be a socialism economic system by the way the education is set up in that country it provides government funded and administered education at all levels to citizens. United States would be a capitalism economic system because people own and operate their own business and the government has little involvement not like in a communism or socialism where the government owns everything.
Mixed economies are all the countries no country can just run off of one economic system but they do favor one over the other.
5. Supply- the number of products –goods and services – that businesses are willing to sell at different prices at a specific time Demand – the number of goods and services that consumers are willing to buy at different prices at a specific time
Equilibrium price – the price at which the number of products that businesses are willing to supply the amount of products that consumers are willing to buy at a specific point in time
Competition – the rivalry among businesses for consumers’ dollars These forces interact in the American economy by setting an equilibrium price when supply and demand are equal. Competition is among businesses where who is selling the best product for a reasonable price. All these things get consumer dollars rolling so that businesses can make profits and continue to supply its customers with goods and services and also so that businesses can pay their employees.
Chapter 4
2. General partnership and limited partnership.
General partnership – a partnership that involves a complete sharing in both the management and the liability of the business
Limited partnership – a business organization that has at least one general partner, who assumes unlimited liability and at least one limited partner whose liability is limited to his or her investment in the business
3. Private Corporation- a corporation owned by just one or a few people who are closely involved in managing the business
Public corporation – a corporation whose stock anyone may buy, sell, or trade
Quasi –public corporations – corporations owned and operated by the federal state, or local government
Nonprofit –