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1️⃣ Business Organizations

Know what they are + 2 pros + 2 cons.

Sole Proprietorship

one owner

👍 easy to start, keeps all profit

👎 unlimited liability, hard to raise money

Partnership

2+ owners

👍 shared responsibility, more money

👎 shared profits, conflicts

Corporation

owned by shareholders

👍 limited liability, easy to raise capital

👎 double taxation, expensive to run

2️⃣ Economic Systems

Explain how they work + 2 pros + 2 cons.

Market Economy

people decide what to make/buy

👍 freedom, innovation

👎 inequality, unstable prices

Command Economy

government controls everything

👍 equality, basic needs met

👎 no choice, low motivation

Mixed Economy

market + government

👍 balance, safety nets

👎 higher taxes, govt limits