Classified in Economy

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1.Know the different Economic systems: Communism, socialism, capitalism, and democratic.

- Capitalism: an economy system in which individual own and operate the majority of business that provide goods and services.

- Communism: all workers would then contribute to this communist society according To their ability and would receive benefits according to their needs.

- Socialism: industries are owned and controlled by the government.

- Democratic: an economy system in which individual own and operate the majority of Business, but government establish some essentials restrictions.

2.What are some of the Ethical issues that business people face and how the should handle them.

Some issues can come from business People who try to knowingly deceiving, misrepresenting, or intimidating others, So for this kind of issues, it is likely to act as fairness and honesty to Solution this ethic problem, also people can sue to the person who lies them. Another kind of problem is plagiarism, which means knowingly taking someone Else’s words, ideas, or other original material without acknowledging the Source. Companies should trust in their employees, but if a plagiarism occurs The y have to take measures (they can fire him/her). Finally, conflict of interest is when a businessperson takes advantage of a situation for his or her Own personal interest rather than for the employer’s interest.

3.Know what a Service Business entail

Service business entails a Business that offers an intangible product, which satisfies the customer’s Need.

4.What is an embargo, And tariff?

Embargo: a complete halt to Trading with a particular nation or in a particular product.

Tariff: a tax levied on a Particular foreign product entering a country.



Sole proprietorships

1-Ease of Start-up and closure.

2-Pride of Ownership.

3-Retention Of all profits.

1-Unlimited Liability.

2- Lack of continuity

3-Lack of Money


1-Ease of Start-up

2-Personal Interest

3-No Special taxes

1-Unlimited Liability

2-Lack of continuity

3-Frozen Investment


1-Limited Liability

2-Ease of Raising capital

3-Perpetual Life

1-Difficult An expensive formation

2-Double Taxation

3-Lack of Secrecy

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