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Decision Making

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  • June 2013
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Company:
A voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited liability, corporation, and public limited company.

Firm:

A business organization, such as a corporation, limited liability company or partnership. Firms are typically associated with business organizations that practice law, but the term can be used for a wide variety or business operation units. "Company" is slightly more general than "firm." Each term represents two or more people who have organized for some purpose, but in the case of a "firm," that purpose is specifically to conduct business.

WHAT is market? What are the types of market?
A set up where two or more parties engage in exchange of goods, services and information is called a market. Ideally a market is a place where two or more parties are involved in buying and selling. types of Markets:

1. Physical Markets - Physical market is a set up where buyers can physically meet the sellers and purchase the desired merchandise from them in exchange of money. Shopping malls, department stores, retail stores are examples of physical markets. 2. Non Physical Markets/Virtual markets - In such markets, buyers purchase goods and services through internet. In such a market the buyers and sellers do not meet or interact physically, instead the transaction is done through internet. Examples - Rediff shopping, eBay etc. 3. Auction Market - In an auction market the seller sells his goods to one who is the highest bidder. 4. Market for Intermediate Goods - Such markets sell raw materials (goods) required for the final production of other goods. 5. Black Market - A black market is a setup where illegal goods like drugs and weapons are sold. 6. Knowledge Market - Knowledge market is a set up which deals in the exchange of information and knowledge based products. 7. Financial Market - Market dealing with the exchange of liquid assets...