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chapter 2
| Term | Definition |
|---|---|
| corporation | A legal entity created under state law that has legal rights and obligations separate from its owners who are known as shareholders or stockholders. |
| demographics | Statistical characteristic of human population (such as age or income) used to identify markets. |
| economics | Pertaining to the economy, or the field of economics (as in "Council of Economic Advisors"). |
| entrepreneur | French term for a person who undertakes and develops a new enterprise at some risk (of failure or loss) |
| fixtures | Equipment that is permanently attached |
| partnership | Business owned by two or more people (called partners or general partners) who are personally liable for all business debts. |
| risk | Those undertaking investments or the production of goods and services for sale cannot know with certainty whether they will recover the outlays needed to conduct these activities. |
| scarcity | Insufficient supply or amount of something needed, a shortage or goods or services that are needed. |
| sector | Distinct subset of a market, society, industry, or economy, whose components share similar characteristics. |
| sole proprietorship | Business owned and managed by one person (or for tax purposes, a husband and wife). |
| venture | A business enterprise involving some risk in expectation of gain. |
Created by:
tgates19
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