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Bus. Owner Chapter 2

Chapter 2 Vocab

TermDefinition
Corporation A legal entity created under state law that has legal rights and obligations separate from its owners who are known as shareholders or 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 (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 Business owned and managed by one person (or for tax purposes, a husband and wife).
Venture A business enterprise involving some risk in expectation of gain
Created by: Jdegolier16
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