| A | B |
|---|
| Sole Proprietorship | A business owned by only one person |
| Partnership | A business owned by two or more people |
| Franchise | A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC |
| Non-Profit Organization | A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross |
| Corporation | A business considered separate from the owners of the business by law. The owners are the stockholders |
| Multinational Corporation | A company that does business and has business facilities in many countries, such as Coca Cola |
| Profit | Money that remains after a business has paid for the expenses of running the business |
| Profit Motive | A person's incentive to work to gain something for himself or herself (Making Money) |
| Competition | Contest between businesses to win customers' business and loyalty |
| Needs | Items necessary for existence, such as clothing, food, and shelter |
| Wants | Items that would be nice to have, but are not necessary |
| Consumer | A person who uses goods or services. Many times the consumer is also the customer. (Purchaser) |
| Goods | Items businesses sell that can be physically weighed or measured, such as IPods and CDs |
| Services | Tasks that businesses perform or provide for customers, such as hair cuts and car washes |
