PB Chapter 4 Vocab

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Liability

Legal responsibility

Consumer market

customers who buy products for their own use.

Business market

customers who buy products for use in a business.

Limited liability company (LLC)

form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.

Not-for-profit

organization that exists to serve some public purpose.

For-profit business

organization that generates revenue.

Intermediaries

people and businesses that sell the goods and services from producers to customers.

Dividend

portion of the corporation's earnings distributed to stockholders.

North American Industry Classification System (NAICS)

a numeric system used to classify businesses and collect economic statistics.

Stock

a share of ownership in a corporation.

Proprietorship

business that is owned and often operated by a single individual.

Extractors

businesses or people that take natural resources from the land.

Retailers

businesses that buy products from wholesalers or directly from producers, and sell them to consumers to make a profit.

Manufacturers

businesses that use supplies from other producers to make products.

Service business

earns profits by providing consumers with services that meet their needs and wants.

Partnership agreement

A written contract that establishes a partnership.

Partnership

Association of two or more persons who co-own a business with the objective of earning profit.

Corporation

Business that is legally separated from its owners and has most of the legal rights of an actual person.

Cooperative

Business that is owned and operated by those using its services

Wholesaler

Business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers

Producer

Businesses that create goods and services.

Business-to-consumer(B2C)

Businesses that sell primarily to individual consumers

Board of Directors

Group of individuals who make high-level management decisions for the business and establish company policies

Government market

includes national, state, and local government offices and agencies.

Institutions

nonprofit organizations that may be either public or private.


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