| A | B |
|---|
| SOLE PROPRIETOR | A type of Business organization in which a company is owned by one person (or married couple) who takes all the risks & responsibilities, but keeps all the profits. |
| PARTNERSHIP | A form of business organization where two or more people share the risks, responsibilities, & profits. They share the work and are TOTALLY responsible for all debrts, liens, taxes, etc. |
| CORPORATION | A form of business organization that is a separate legal entity so that individuals are not personally liable for debt, lawsuits, or taxes. Creditors can NOT go after their personal property. |
| STOCK | A piece of paper indicating that you own a share or portion of a company because you have invested money in that company. If the company prospers, the value of your stock goes up. |
| CONSUMER SOVEREIGNTY | Buyers determined (through what they buy) what goods & services will be produced. |
| PRIVATE PROPERTY | – Individuals & businesses can own resources, means of production, as well as personal property. |
| GLOBAL ECONOMY | Worldwide markets in which the buying and selling of goods & services by all nations takes place. |
| FCC (FEDERAL COMMUNICATIONS COMMISSION) | Regulates & licenses television, cable TR, Internet, radio, cell phones, newspapers, magazines so they benefit the general public. |
| EPA (ENVIRONMENTAL PROTECTION AGENCY) | An executive agency, formed in 1970, to protect & enhance our air, water, & soil. |
| FTC (FEDERAL TRADE COMMISSION) | Prevents monopolies & other unfair business practices. |
