A Business Owned by One Person Is Called a

question 9

Multiple Choice

A business owned by one person is called a

• A) Nonprofit organization
• B) Partnership
• C) Corporation
• D) Sole proprietorship

Differentiate among decision types, such as programmed vs. nonprogrammed decisions and strategic vs. tactical decisions.

Describe the phases in the rational model of decision-making and identify what phases are not included.

Recognize the implications of the "economic man" theory in decision-making.

Understand the role of standard operating procedures and how they influence decision-making in organizations.

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Definitions:

Industrialized

Pertains to countries or regions that have developed complex and diverse economies with extensive industrial activity as compared to agriculture or primary production.

Scarcity

Refers to the basic economic problem of having seemingly unlimited human wants in a world of limited resources.

Economics

The social science that studies the production, distribution, and consumption of goods and services.

Physical Capital

Assets owned by a business that are tangible and can be used in the production process, such as machinery, buildings, and equipment.