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Ch 2.1 Acc

free enterprise system people are free to produce the goods and services they choose.
profit the amount of money earned over and above the amount spent to keep the business operating.
loss Businesses that spend more money than they operate at.
entrepreneur a person who transforms ideas for products or services into real-world businesses.
capital money that investors, banks, or business owners supply.
service business provides a needed service for a fee.
merchandising business buys finished products and results them to individuals or other businesses.
manufacturing business buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses.
sole proprietorship a business owned by one person.
partnership a business owned by two or more persons.
corporation a business recognized by law to have a life of its own.
charter A legal permission giving a corporation certain rights and privileges.
Created by: 329117