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ch 2 vocab
| Term | Definition |
|---|---|
| Corporation | A legal entity created under state law that has legal rights and obligations separate from its owners who are known as shareholders or stockholders. |
| Demographics | Statistical characteristic of human population (such as age or income) used to identify markets. |
| Economics | Pertaining to the economy, or the field of economics (as in "Council of Economic Advisors"). |
| Entrepreneur | French term for a person who undertakes and develops a new enterprise at some risk (of failure or loss). |
| Fixtures | Equipment that is permanently attached. |
| Partnership | An oral or written agreement in which two or more parties agree to carry on a business, each with an ownership share and rights to participate in management, for a profit. The owners are called partners. |
| Risk | Those undertaking investments or the production of goods and services for sale cannot know with certainty whether they will recover the outlays needed to conduct these activities. |
| Scarcity | Insufficient supply or amount of something needed, a shortage or goods or services that are needed. |
| Sector | Distinct subset of a market, society, industry, or economy, whose components share similar characteristics. |
| Sole Proprietorship | Business owned and managed by one person (or for tax purposes, a husband and wife). |
| Venture | A business enterprise involving some risk in expectation of gain. |
Created by:
kfairweather17
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