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MP Econ/Business

TermDefinition
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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