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Section 1

TermDefinition
Free Enterprise System A system in which individuals are free to produce the goods and services they choose.
Profit The amount earned above the amount of expense incurred for payment.
Loss The result when a business spends more money than it earns.
Entrepreneur A person who transforms ideas for products or services into real-world businesses
Capital Money supplied by investors, banks, or owners of a business.
Service Business A business that provides a needed service for a fee.
Merchandising Business A business that buys finished goods and resells them to individuals or other businesses.
Manufacturing Business A business that buys raw materials and transforms them into finished products by using labor and machinery.
Sole Proprietorship A business owned by one person.
Partnership A business as co-owned by two or more persons, called partners, who agree to operate the business as co-owners.
Corporation A business organization recognized by law to have a life of its own
Charter The legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
Created by: 238718