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BO Chapter 2

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 An oral or written agreement in which two or more parties agree to carry on a business, each with an ownership share and rights to participate in management, for a profit.
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). 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: Tshevlin43
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