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Ch1 Economics Basics
Vocabulary
20
Marketing
10th Grade
01/14/2021

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Cards

Term
For-Profit Business
Definition
a business whose goal is to make money by supplying goods and services
Term
Not-for-Profit Organization
Definition
an organization that raises funds for a specific goal.
Term
Revenue
Definition
sales or income received from normal business operations
Term
Expense
Definition
expenditures that are involved in running a business
Term
Profit
Definition
the income that is left after all costs and expenses are paid
Term
Consumer
Definition
the people who purchase goods and services
Term
Producer
Definition
the business that make goods or provides services
Term
Goods
Definition
merchandise
Term
Marketplace
Definition
the location where producers and consumers come together to engage in the buying and selling of goods and services
Term
Sole Proprietorship
Definition
business owned by one person
Term
Services
Definition
a system supplying a public need
Term
Partnership
Definition
business usually owned by two or more partners
Term
Corporation
Definition
a business owned by shareholders
Term
Franchise
Definition
owners purchase a license to use the name and operating procedures of a business
Term
Co-operative
Definition
owned by its workers or members who buy from the business
Term
Obsolete
Definition
no longer produced or used, out of date
Term
Pricing Power
Definition
describes the effect of a change in a firm's product price on the quantity demanded of that product
Term
Entrepreneur
Definition
a person who organizes and operates a business or businesses
Term
Needs
Definition
Things that are necessary for survival
Term
Wants
Definition
Things that are not necessary for survival
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