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BBI Unit1 Test Terms
Review for Unit 1 Test
| Term | Definition |
|---|---|
| Need | things you must have to survive – food, clothing, shelter |
| Want | things that are nice to have, but are not necessary for survival – luxury items |
| Goods | things that have a dollars and cents value – something that is tangible – something you can see and touch |
| Service | things that are considered intangible but have a monetary value – they do not result in a product you can touch |
| Obsolete | products or services that are no longer in use – either people no longer want or need these products or new and improved products have replaced them |
| Producer | business that provides either goods or services designed to satisfy consumer needs and/or wants |
| Consumers | people who purchase goods or services |
| Manufacturing Business | produces a product from materials, provides the product to retailers who then provide it to consumers |
| Retail Business | buys goods and resells them to consumers to satisfy consumer wants and needs |
| Service Business | tries to satisfy the needs and wants of consumers by providing a service |
| Factors of Production | Natural resources, human resources and capital resources need to start and run a business |
| Proxy | A voting privilege that one shareholder obtains from another shareholder who cannot attend the annual meeting of a corporation. |
| Dividend | The profit paid out to shareholders of a corporation. |
| Charter | A government approved document containing the rules and regulations that governs the operation of a corporation. |
| Executive | The president, vice-president, secretary and treasurer of a corporation who manage the daily operations. |
| Patronage Fund | The name given to the profits of a co-operative that will be paid to members. (Like a dividend in a corporation.) |
| Economic System | involves all the factors of production and all the rules concerning production and consumption |
| Privatization | selling of part of all of a Crown Corporation to privately owned businesses or individuals |
| Monopoly | a business that is the only supplier of a good or service |
| Merger | one company combines with or takes over the ownership of one or more other companies |
| Competition | occurs when two or more businesses try to sell the same type of product or service to the same customers |
Created by:
Mrs. Emms
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