Name: _________________________________________ Date: _________________ Block: ________
Civics & Economics: Entrepreneurship (CE.12a)
● Essential Understandings
○ There are three basic ways that businesses organize to
earn profits.
○ Entrepreneurs play an important role in all three types of business
organization.
● Essential Questions
○ What are the basic types of profit-seeking business structures?
○ What is an entrepreneur?
● Essential Knowledge
○ Basic types of business ownership
■ Proprietorship: A form of business organization with
___________________________ owner who takes all the risks and all
the profits
■ ___________________________: A form of business organization with
two or more owners who share the risks and the profits
■ Corporation: A form of business organization that is authorized by
law to act as a ___________________________ entity regardless if the
number of owners. Owners ___________________________ the
profits. Owner ___________________________ is limited to the
amount of their investment.
○ Entrepreneur
■ A person who takes a ___________________________ to produce and
sell goods and services in search of ___________________________
■ May establish a ___________________________ according to any of
the three types of organizational structures