Final exam terms part 2 Flashcards
monopoly
one company that produces all the goods or service
without any competition
traditional economy
when people grow their own food and make their own goods
free enterprise
the system where people can run businesses as they want
sole propreitorship
small businesses owned by indviduals
mixed economy
has both free and command economies
profit
the income left AFTER paying expenses
bond
a way governments & corporations can borrow money
economies of scale
when goods can be produced more cheaply & efficiently
by large businesses
factors of production
things needed to be in business: natural resources, capital, labor
partnerships
businesses with two or more owners
copyright
the legal right to publish or sell something
nonprofit organization
groups that work to help educational and cultural programs
competition
when it’s strong, the free market & market
economy are strong
interest
payment for the use of loaned money
board of directors
the group of people in a business
that answer to the stockholders
