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