Importance of

Entrepreneurship in
the Economy
 Economics
It is a social science concerned with how people satisfy their
demands for goods and services when the supplies of those
goods and services is limited.
Types of
Economic System
The Command Economy
The Market Economy
Profit Motive
The Local Economy
TYPES OF
BUSINESS
Ph Top Industries
Business Process Outsourcing
Retail
Gaming
Hospitality and Leisure
Real Estate
Manufacturing
Construction
Energy & Automotive
Types of Business
Ownership
Liability of Business Owners
When considering the types of business
ownership, an important consideration is the
owner’s liability. This is the legal obligation of a
business owner to use personal money and
possessions to pay the debts of the business.

These business debts could include

loans that must be repaid, money owed to other
businesses, and judgments resulting from lawsuits
against the business.
 Types of Business Ownership

A sole proprietorship (is a A partnership is a legally A corporation is a legally A cooperative is a business

legally defined type of business
ownership in which a single
individual owns the business,
collects all profit from it.
defined type of business
organization in which at least
two individuals share the
management, profit, and
liability.
defined type of business
ownership in which the
business itself is considered a
type of “person”.
owned, controlled, and
operated for the mutual benefit
of its members—people who
use its services, buy its goods,
or are employed by it.