Business Admin Core

Sole Proprietorship: A business owned and operated by one individual, who has full control and responsibility for all assets and liabilities.
Partnership: A business owned by two or more individuals who share responsibilities and profits, which can be general or limited.
Limited Liability Company (LLC): A business structure that combines features of a corporation and partnership, providing limited liability to its owners.
Corporation: A separate legal entity from its owners, allowing for limited liability and the ability to raise capital by issuing stocks.
Cooperative (Co-op): A business owned and operated by a group of individuals for mutual benefit, sharing profits among members.

Law Name	Description
Sherman Act	Prohibits anti-competitive agreements and unilateral conduct that monopolizes or attempts to monopolize the relevant market.
Clayton Act	Addresses specific practices not covered by the Sherman Act, like price discrimination, tying arrangements, and mergers that reduce competition.
Wheeler-Lea Act	Prohibits unfair or deceptive acts or practices in commerce, emphasizing truth in advertising.
Federal Food, Drug, and Cosmetic Act	Authorizes the FDA to oversee the safety of food, drugs, medical devices, and cosmetics.
Magnuson-Moss Warranty Act	Governs consumer product warranties, ensuring clear disclosure of warranty terms.

Scarcity: The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Law of Supply and Demand: The principle that as the supply of a good increases, the demand for it decreases, and vice versa.
Opportunity Cost: The value of the next best alternative that is forgone when making a choice.

Concept	Description
Assets	Resources owned by a business that have future economic value.
Liabilities	Obligations of a company that need to be settled in the future.
Equity	The residual value of assets minus liabilities; owner's stake in the business.
Revenue	Income generated from normal business operations, such as sales of goods or services.
Expenses	Costs incurred in the process of earning revenue.
Functions of Money	Medium of exchange, Store of value, Unit of account.

Stage	Description
Initiation	Defining the project, its goals, scope, and objectives; identifying stakeholders.
Planning	Developing a detailed roadmap including tasks, timelines, resources, and budget.
Execution	Carrying out the project plan, managing resources and team activities.
Monitoring & Controlling	Tracking project progress, managing changes, and ensuring objectives are met.
Closing	Formal completion of the project, including delivery, post-mortem, and release of resources.

4 P's of Marketing:
- Product: The good or service offered to meet customer needs.
- Price: The amount customers pay for the product.
- Place: How and where the product is distributed to customers.
- Promotion: Activities to communicate and persuade customers about the product.

Emotional Intelligence: Common sense understanding of emotions and interpersonal skills.
Types of Economic Systems: Traditional, Command, Market, Mixed.

Feature	Sole Proprietorship	Corporation
Liability	Unlimited	Limited to investment
Ownership	Single individual	Shareholders
Management	Owner directly manages	Board of Directors, hired managers
Setup Cost	Low	High
Continuity	Ends with owner	Perpetual existence