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bus ch 2 vocab
| Question | Answer |
|---|---|
| Corporation: | A legal entity created under state law that has legal rights and obligations separate from its owners who are known as shareholders or stock holders |
| 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 | A business in which there is a single owner and the owner is the business who is personally liable for business debt. |
| Venture | A business enterprise involving some risk in expectation of gain. |
Created by:
aaron smith-johnson