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BO Chapter 2
Business ownership Chapter 1/2
| 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 and 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 |
| 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 | a formal business arrangement between two or more individuals who agree to manage and operate a business together while sharing its profits and liabilities. |
| Risk | the exposure of a company to events or circumstances that could reduce profits, disrupt operations, or threaten its ability to continue as a going concern. |
| Scarcity | Insufficient supply or amount of something needed/shortage of goods or services that are needed |
| Sector | Distinct subset of a market, society, industry or economy, A shortage or goods or services that are needed |
| Sole Proprietorship | is the simplest and most common form of business ownership, where one individual owns and operates the business without forming a separate legal entity. |
| Venture | a business enterprise, typically one that involves risk |
Created by:
elebarron27