MKTG 360 Lecture Notes - Lecture 6: Sole Proprietorship, Demand Curve, Opportunity Cost
Corporations:
A company or group of people authorized to act as a single entity (legally a person) and recognized as
such in law.
Demand:
The amount or quantity of goods and services that consumers are willing to buy at various prices.
Disequilibrium
When the market is off balance. Not enough supply to meet demand. Or not enough demand to meet
supply.
Economics:
The study of how individuals and groups of individuals strive to satisfy their wants and needs through
making choices.
Equilibrium
When supply is equal to demand
Franchise:
An authorization granted by a government or company to an individual or group enabling them to carry
out specified commercial activities
Goods:
Physical products
Human Resources:
The people employed in a business, commonly referred to as personnel. Work together to make goods
and services
Law Of Demand
The amount of goods and services customers are willing to buy at a certain price point
find more resources at oneclass.com
find more resources at oneclass.com
Law of Supply
The amount of good and services a business is willing to make
LLC - Limited Liability Corporation
A hybrid between a partnership and a corporation.
Natural Resources:
Raw materials from nature used to produce goods.
Non-Profit
An organization or company who is not in business to make a profit, rather they usually provide some
type of service.
Opportunity Cost:
A benefit, profit, or value of something that must be given up to acquire or achieve something else.
Partnership
A legal form of business operation between two or more individuals who share management and
profits.
Private Company:
A business company owned by a relatively small number of shareholders or company members which
does not offer or trade its company stock (shares) to the general public on the stock market exchanges.
Public Company:
A company whose securities are traded on a stock exchange and can be bought and sold by anyone.
Resources:
Items that people can use to make or obtain what they need or want
Scarcity:
find more resources at oneclass.com
find more resources at oneclass.com
Not enough supply to meet demand
Services:
Tasks that business performs for consumers.
Sole Proprietorship
A person who owns the business and is personally responsible for its debts.
Supply:
The amount of goods and services that producers will provide at various prices.
Supply Curve
Demand curve
Copyright:
The legal right to be the only one to reproduce, publish, or sell the contents and form of a literary,
musical, or artistic work.
Ethics:
The rules of moral conduct governing an individual or a group.
Patent:
A government authority or license conferring a right or title for a set period, especially the sole right to
exclude others from making, using, or selling an invention.
Trademark
A device (as a word or symbol) that points clearly to the origin or ownership of merchandise to which it
is applied and that is legally reserved for use only by the owner
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. The amount or quantity of goods and services that consumers are willing to buy at various prices. The study of how individuals and groups of individuals strive to satisfy their wants and needs through making choices. An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities. The people employed in a business, commonly referred to as personnel. The amount of goods and services customers are willing to buy at a certain price point. The amount of good and services a business is willing to make. A hybrid between a partnership and a corporation. Raw materials from nature used to produce goods. An organization or company who is not in business to make a profit, rather they usually provide some type of service.
