03-01_task1 (1)

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University of Texas *

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Economics

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Jan 9, 2024

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Economics © ACCESS Virtual Learning 2023 Name: Date: School: Facilitator: 3.01 Business Types (35 Points) Part 1: Organizational Chart Define each type of business in a market economy. Then, list the advantages and disadvantages of sole proprietorships, partnerships, and corporations by completing the chart below. Sole Proprietorship Partnership Corporation Define Advantages 1. 2. 3. 4. 5. 1. 2. 3. 4. 1. 2. 3. Disadvantages 1. 2. 1. 2. 1. 2. 3. Part 2: Corporation Profits Comparison Below you have two reference resources linked to use for your analysis. Use the two links to compare and contrast the profits and advantages of the largest corporations in America. You learned in Lesson 3.01 and organized above that the greatest benefits of a corporation as a business type is 1. increased amount of capital due to stockholder investment 2. increased amount of profits.

Economics © ACCESS Virtual Learning 2023 STEP 1: Use the link below to view the amount of profits of the five largest corporations in America make annually (as of 2021). Add them to the T-Chart below. Largest US Corporations STEP 2: Now, click on the link to the list of countries in the world and what their GDP is (national wealth). Find the countries that make the nearest dollar amount, without making more, to these corporations. The first one is done for you as an example. Global GDPs Corporation Annual Profit Country Annual GDP Walmart 13673 million #36 Moldova 13679 million Part 3: Reflection Now, analyze and reflect on the income and profits of corporations in America when compared to that of entire nations. Based on what you have learned regarding different type of economic systems (market, command, and traditional), what might these numbers reflect about the market system? Be sure to write your reflection with formal grammar and punctuation. Write your answer below:

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