Econ Chpt 8 Vocab

Establishment formed to carry on commercial Enterprise.

Business owned and managed by a single individual.

Authorization to start a business issued by the local government.

Law in a city or town that designates separate areas for residency and for business.

The legally bound obligation to pay debts.

Payment other than wages or salaries.

Business organization owned by two or more persons who agree on a specific division of responsibilities and profits.

Partnership in which partners share equally in both responsibility and liability.

Partnership in which only one partner is required to be a general partner.

Partnership in which all partners are limited partners.

A partnership agreement.

Act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership.

Money and other valuables belonging to an individual or business.

A legal entity owned by individual stockholders.

Certificate of ownership in a corporation.

Corporation that issues stock to only a few people, often family members.

Corporation that sells stock on the open market.

A formal contract to repay borrowed money with interest at fixed intervals.

License to form a corporation issued by state government.

The portion of corporate profits paid out to stockholders.

Combination of two ore more firms Competing in the same market with the same good or service.

Combination of two or more firms involved in different stages of producing the same good or service.

Business combination merging more than three businesses that make unrelated products.

Large corporation that produces and sells its goods and services throughout the world.

Semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given idea.

Share of earnings given as payment.

Business organization owned and operated by a group of individuals for their mutual benefit.

Retail outlet owned and operated by consumers.

Cooperative that provides a service, rather than a good.

Agricultural marketing cooperative that helps members sell their products.

Institution that functions much like a business, but does not operate for the purpose of generating profits.

Nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations.

Nonprofit organization that promotes collective business interests for a city, state, or or other geographical area, or for a group of similar businesses.

Nonprofit organization that promotes the interests of a particular industry.