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BO Chapter 2

TermDefinition
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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