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Economics
Econ Chapter 8
| Term | Definition |
|---|---|
| articles of partnership | a partnership agreement |
| assets | money and other valuables belonging to an individual or business |
| bond | a formal contract to repay borrowed money with interest at fixed intervals |
| business association | nonprofit organization that promotes collective business interests for the city, state, or other geographic area, or for a group of similar business |
| business franchise | a semi-dependent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| business license | authorization to start a business issued by the local government |
| business organization | an establishment formed to carry on commercial enterprise |
| certificate of incorporation | license to form a corporation issued by state government |
| closely held corporation | corporation that issues stock to only a few people, often family and friends |
| conglomerate | business combination merging more that three businesses that make unrelated products |
| consumer cooperative | retail outlet owned and operated by consumers |
| cooperative | a business organization owned and operated by a group of individuals for their mutual benefit |
| corporation | a legal entity owned by individual stockholders |
| dividend | the portion of corporate profits paid out to stockholders |
| fringe benefit | payment other than wages or salaries |
| general partnership | partnership in which partners share equally in both responsibility and liability |
| horizontal merger | the combination of two or more firms competing in the same market with the same good or service |
| liability | the legally bound obligation to pay debts |
| Limited liability partnership | partnership in which all partners are limited partners |
| limited partnership | partnership in which only one partner is required to by general partner |
| multinational corporation (MNC) | large corporation that produces and sells its goods and services throughout the world |
| nonprofit organization | institution that functions much like a business, but does not operate for the purpose of generating profits |
| partnership | a business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| producer cooperative | agricultural marketing cooperative that helps members sell their products |
| professional organization | nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations |
| publicly held corporation | corporation that sells stock on the open market |
| royalty | share of earnings given as payment |
| service cooperative | cooperative that provided a service rather than a good |
| sole proprietorship | a business owned and managed by a single individual |
| stock | a certificate of ownership in a corporation |
| trade association | nonprofit organization that promotes the interests of a particular industry |
| Uniform Partnership Act (UPA) | act ordering common ownership interests, profit and loss sharing and shared management responsibilities in a partnership |
| vertical merger | the combination of two or more firms involved in different stages of producing the same good or service |
| zoning law | law in a city or town that designates separate areas for residency and for business |
Created by:
halvy
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