

Unit 7B Vocab Review
Flashcard
•
History
•
8th Grade
•
Practice Problem
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Definition of competition
Back
Rivalry between producers/sellers leads to better quality goods/services at lower prices.
2.
FLASHCARD QUESTION
Front
Definition of consumer
Back
A person who uses or consumes goods and services to satisfy wants.
3.
FLASHCARD QUESTION
Front
Definition of consumer sovereignty
Back
Consumers determine through purchases what goods and services will be produced.
4.
FLASHCARD QUESTION
Front
Definition of corporation
Back
A business separate from its owners, legally acting as a single entity.
5.
FLASHCARD QUESTION
Front
Definition of entrepreneur
Back
A person who starts a business.
6.
FLASHCARD QUESTION
Front
Definition of market
Back
A place or situation for exchanging goods/services (e.g., stores, stock exchanges).
7.
FLASHCARD QUESTION
Front
Definition of partnership
Back
A type of business in which two or more people share ownership.
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