| A | B |
|---|
| Board of Directors | A group of people elected by shareholders to guide a corporation. |
| Business Cycle | The movement of an economy from one condition to another and back again. |
| Prosperity | A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers. |
| Recession | A period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for several quarters. |
| Depression | A phase marked by high unemployment, weak sales of goods and services, and business failures. |
| Recovery | A phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. |
| Corporation | A business made up of a number of owners but authorized by law to act as a single person. |
| Distributors | A business or group of businesses that move the goods/products from the producers to the consumer, they are also know as intermediaries |
| Wholesalers | A middle firm that assist with distribution activities between businesses. |
| Retailers | A business that sells directly to the consumer. |
| Extractor/Producer | A business that grows products or takes raw materials from nature. |
| Franchise | A written contract granting permission to sell someone else’s product or service in a prescribed manner, over a certain period of time, and in a specified area. |
| Franchisee | The person or group of people who have received permission from a parent company to sell its products or services. |
| Franchisor | The parent company that grants permission to a person or group to sell its products or services. |
| Gross Domestic product (GDP) | The total value of all final goods and services produced in a country in one year. |
| Inflation | A increase in the general price level. |
| Manufacturer | A business that takes an extractor’s products or raw materials and changes them into a form that consumers can use. |
| Partnership | An association of two or more people operating a business as co-owners and sharing profits or losses according to a written agreement. |
| Consumer Price Index | Shows changes in the average prices of goods and services bought by consumers over a period of time. |
| Processor | A business that changes natural materials (raw goods) into a more finished form for manufacturers to process further into a finished good. |
| Productivity | The number of items produced by worker. |
| Service firm | A business that does things for you instead of making or marketing products. |
| Shareholder | person who owns stock in a corporation. |
| Sole Proprietorship | A business owned by one person. |
