Lecture 1: Intro to Business

Industries

Industries

Group of businesses in the same field.

Substitute goods

Products that can replace each other in consumption.

Competitors

Businesses that offer similar products or services in the same market.

Chain

A series of connected businesses or stores under the same brand.

Transportation

The movement of goods and services from one location to another.

Real estate

Property consisting of land and the buildings on it.

Change in subindustries

Shifts or developments within specific sectors of an industry.

SLC

Standard Industrial Classification, a system for classifying industries.

Import/Export/Taxes

Regulations and financial obligations related to international trade.

Small Business Administration (SBA)

A U.S. government agency that supports small businesses.

Loans

Borrowed money that must be repaid with interest.

Census

An official count or survey of a population, often used for economic analysis.

Disposable Income Places

Areas where individuals have income available for spending after taxes.

Sole Proprietorship

The most common business structure, owned by one individual.

Legal structure

The framework that defines the legal status of a business.

Partnerships

Business structures co-owned by 2-3 individuals sharing profits and responsibilities.

Limited Liability Partnership (LLP/LP)

A partnership structure that limits personal liability for business debts.

Limited Liability Corporation (LLC)

A business structure that protects owners from personal liability while allowing flexible taxation.

Corporation

A legal entity that is separate from its owners, can own property, and is taxed independently.

C-Corp

A full corporation subject to corporate income tax.

S-Corp

A small corporation that meets specific IRS requirements for taxation.

Citizens United

A landmark case allowing corporations to participate in political funding.

Double tax

Taxation of corporate profits at both the corporate and individual levels.

Franchise

A business model where one party operates under the brand of another in exchange for fees.