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MP Econ/Business
| Term | Definition |
|---|---|
| economy | the organized way a nation provides for the needs and wants of its people |
| factors of production | also called economic resources. include: land, labor, capital, and entrepreneurship |
| infrastructure | the physical development of a country including its roads, ports, sanitation, and utilities |
| scarcity | the difference between the wants and needs of a nation. Forces nations to make economic choices |
| traditional economy | an economy based on rituals and traditions such as farming, fishing, and forestry. |
| market economy | In this economy there is no government regulation. The consumer and companies determine what is produced |
| command economy | is a system in which a country's government makes the economic decisions of what, when and how much will be produced and distributed. |
| supply | the amount of goods businesses are willing to make and sell |
| demand | refers to consumer willingness and ability to buy products |
| types of business ownership | there are four types of business ownership including corporation, sole proprietorship, partnership, and franchise |
| partnership | legal agreement between two or more people to be jointly responsible for the success or failure of a business |
| Corporation | legal entity which is owned by stockholders but is considered to be one person or entity under the law |
| Sole Proprietorship | a business owned and operated by one person |
| franchise | a type of ownership which requires the owner to use the same marketing and products as the parent company. |
Created by:
janice ritchey
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