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Chapter 4 Vocab

PrinBMF

TermDefinition
Producer Business that creates goods and services.
Extractor Business or person that takes natural resources from the land.
Manufacturer Business that uses supplies from other producers to make products.
Intermediary Person or Business that sells the goods and services from producers to customers.
Wholesaler Business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers.
Retailer Business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit.
General Partner AKA Managing Partner
Limited Partner AKA Silent Partner
B2B Known as Business-to-Business
B2C Known as Business-to-Consumer
Proprietorship Business that is owned and operated by a single individual
Liability Legal Responsibility
Partnership Association of two or more persons who co-own a business with the objective of earning a profit.
Corporation Business that is legally separate from it's owners and has most of the legal rights of an actual person.
Stock Share of ownership in a corporation
Dividend Portion of a corporation's earnings distributed to stockholders
Cooperative Business that is owned and operated by those using its services
LLC Form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
Partnership Agreement Written contract that establishes a partnership
Board of Directors Group of individuals who make high-level management decisions for a business and establish company policies.
For-profit Business An organization that generates revenue
Not-for-profit Organization An organization that exists to serve some public purpose
Service Business Earns profits by providing consumers with services that meet their needs and wants
Consumer Market Consists of customers who buy products for their own use
Business Market Consists of customers who buy products for use in a business
Government Market Includes national, state and local governmental offices and agencies
Created by: bwilber
Popular Business sets

 

 



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