Competitive Markets

Nonprofit organization that promotes the interests of a particular industry

Corporation that issues stock to only a few people, often family members

Order of common ownership interests, profit & loss sharing & shared management responsibilities

Share of earnings given as payment

All human-made goods that are used to produce other goods and services; tools and buildings

Combination of two or more firms involved in different stages of producing same good or service

A partnership agreement

Business owned by 2 or more persons who agree on a division of responsibilities & profits

Act of redirecting resources from being consumed today so they create benefits in the future

Steady long-term increase in real GDP

The legally bound obligation to pay debts

Corporation that sells stock on the open market

Ambitious leader who combines land, labor & capital to create & market new goods & services

Authorization to start a business issued by the local government

Land, labor & capital; the three groups of resources that are used to make all goods & services

An establishment formed to carry on commercial enterprise

Natural resources that are used to make goods and services

A certificate of ownership in a corporation

Economic term: A cost, charge or fee asked/paid for a good or service

The combination of two or more firms competing in the same market with the same good or service

A formal contract to repay borrowed money with interest at fixed intervals

Payment other than wages or salaries

Nonprofit organization-works to improve image, working conditions & skill levels of occupation

A business organization owned and operated by a group of individuals, for their mutual benefit

Business combination merging more than three businesses that make unrelated products

The skills and knowledge gained by worker through education & experience

Nonprofit organization-promotes collective business interests for city-state-similar businesses

The effort that people devote to a task for which they are paid

Organization of workers that tries to improve working conditions, wages & benefits for members

Large corporation that produces and sells its goods and services throughout the world

Economic term: A person or a group of people living in the same residence

Economic term: Manufacture or the making of a good or service

A business owned and managed by a single individual

Law in a city or town that designates separate areas for residency and for business

The portion of corporate profits paid out to stockholders

An institution for receiving, keeping, and lending money

Any human-made resource that is used to create other goods or services

A legal entity owned by individual stockholders

Business pays fees to company for exclusive right to sell certain product/service in an area

License to form a corporation issued by state government