Mgt100 exam study guide Study guides, Class notes & Summaries

Wealth creation - Answer- Develop a product that you sell for more than it cost Trade with economics that will pay for what you have and sell you what you want Sole proprietorship - Answer- One person who owns and operates the business Pros: bear all the benefits Cons: bear all the risks Partnership - Answer- More than one owner Pros: don't bear all the risks Cons: don't bear all the benefits Corporation - Answer- Separate legal entity (you buy property under the name of the ...