| A | B |
|---|
| Business | An establishment or enterprise that supplies goods and service in exchange for payment in some form |
| Capitalism | Means that economic resources are usually privately owned by individuals rather than the government |
| Economic System | the nation's plan for answering the key economic questions |
| Profit | the money left from sales after subtracting all costs of operating the business |
| Competition | the rivalry among businesses to sell goods and services |
| Demand | the quantity of a product or service that consumers are willing and able to buy at a particular price |
| Supply | the quantity of a product or service that businesses are willing and able to provide at a particular price |
| Franchise | a specialized business in which you sell someones else's products or services |
| Franchisee | the person who has permission from a parent company to sell it's products |
| Franchisor | the parent company of a franchise agreement that provides the product or service |
| Stock | shares of ownership in a corporation |
| Stockbroker | a professional who buys and sells corporate securities |
| Sole Proprietorship | a business owned and managed by one person |
| Partnership | a business owned by two or more persons |
| Corporation | a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person |
| Shareholders | by buying shares of stocks you become owners of corporations |
| Goods | things you can see and touch |
| Services | things that satisfy our wants through the efforts of other people or equipment |
| Needs | things that are necessary for survival, such as food, clothing, and shelter |
| Wants | things that are not necessary for survival but add comfort and pleasure to our lives |
