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-Sole proprietorship
-Partnership
-Corporation

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Advantages
-Ease of formation
-Subject to few regulations
-No corporate income taxes
Disadvantages
-Difficult to raise capital
-Unlimited liability
-Limited life

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Advantages
-Unlimited life
-Easy transfer of ownership
-Limited liability
-Ease of raising capital
Disadvantages
-Double taxation
-Cost of set-up and report filing

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ROE = (NI/Sales) x (Sales/TA) x (TA/Equity)
Focuses on:
-Expense control (PM)
-Asset utilization (TATO)
D-ebt utilization (Eq. Mult.)
Shows how these factors combine to determine ROE.

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"MIS deals with the planning for, development, control, and use of information technology tools to help people perform all tasks related to information processing and management."

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data  - raw facts that describe a particular phenomenon.
information - data that have a particular meaning within a specific context used for decision making.
business intelligence - knowledge about your customers, your competitors, your partners, your competitive environment, and your own internal operations. Business intelligence comes from information.

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Enterprise resource planning (ERP)  - the method of getting and keeping an overview of every part of the business, so that production, development, selling, and servicing of goods and services will all be coordinated to contribute to the company's goals and objectives.

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Customer relationship management (CRM) system - uses information about customers to gain insights into their needs, wants, and behaviors in order to serve them better.

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Supply chain management (SCM) system - tracks inventory and information among business processes and across companies.

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Artificial intelligence (AI) - the science of making machines imitate human thinking and behavior.

Intelligent agent  software that assists the user, or acts on user’s behalf, in performing repetitive computer-related tasks.

Neural network (often called an artificial neural network or ANN)  an artificial intelligence system that is capable of finding and differentiating patterns.

Expert system (also called a knowledge-based system)  an artificial intelligence system that applies reasoning capabilities to reach a conclusion.

Genetic algorithm  an artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem.

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Classical economists generally favor laissez-faire or noninterventionist policies.

Keynesians generally favor activist policies.

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The unemployment rate is the percentage of people who are willing and able to work but are not working.
Structural unemployment is caused by economic restructuring making some skills obsolete.
-Cyclical unemployment results from fluctuations in economic activity.
Frictional unemployment is the unemployment caused by:
-New entrants into the job market, and

-People quitting a job just long enough to look for and find another one.

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The GDP deflator (gross domestic product deflator) is an index of the price level of aggregate output or the average price of the components in GDP relative to a base year.

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The consumer price index (CPI) measures the prices of a fixed "basket" of consumer goods.

lIt is weighed according to each component's share of an average consumer's expenditures.

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The producer price index (PPI) is an index of prices that measures average change in selling prices received by domestic producers of goods and services over time.

lIt gives an early indication as to where inflation is headed.

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To maximize profits, a firm should produce where marginal cost equals marginal revenue.