Unit 7B Vocab Review

Front

Definition of competition

Back

Rivalry between producers/sellers leads to better quality goods/services at lower prices.

Front

Definition of consumer

Back

A person who uses or consumes goods and services to satisfy wants.

Front

Definition of consumer sovereignty

Back

Consumers determine through purchases what goods and services will be produced.

Front

Definition of corporation

Back

A business separate from its owners, legally acting as a single entity.

Front

Definition of entrepreneur

Back

A person who starts a business.

Front

Definition of market

Back

A place or situation for exchanging goods/services (e.g., stores, stock exchanges).

Front

Definition of partnership

Back

A type of business in which two or more people share ownership.

Front

Definition of private property

Back

Individuals and businesses have the right to own personal property and means of production without government interference.

Front

Definition of production

Back

Combining human, natural, capital, and entrepreneurship resources to make goods or provide services.

Front

Definition of proprietorship

Back

A business organization with one owner who takes all the risks and profits.