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BO Chapter 2
| Term | Definition |
|---|---|
| Corporation | A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. |
| Demographics | Statistical data relating to the population and particular groups within it. |
| Economics | The branch of knowledge concerned with the production, consumption, and transfer of wealth. |
| Entrepreneur | A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. |
| Fixtures | A fixed asset that is physically attached to property. |
| Partnership | A legal agreement between two or more entities that determines shared ownership and operation of a business. |
| Risk | The possibility of occurrence of any unfavourable event that has the potential to minimise gains and maximise loss of a business |
| Scarcity | The demand for a good or service is greater than the availability of the good or service |
| Sector | an area of the economy in which businesses share the same or related business activity, product, or service. |
| Sole Proprietorship | A non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner |
| Venture | A new business or business activity that entrepreneurs or institutions launch that involves the potential for a return and risk. |
Created by:
pwood24
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