Marketing I - Chapter 2 Flashcards

Front

To trade something of value for something you want.

Back

Exchange

Front

Business owned by a small number of people, usually two or three.

Back

Partnership

Front

Something you desire but could function without.

Back

Want

Front

A consistent item that people accept in exchange for goods or work.

Back

Money

Front

Any activity related to making a product (good, service, or idea).

Back

Production

Front

Products that you buy to satisfy economic needs.

Back

Economic goods and services

Front

Something that is necessary for survival.

Back

Need

Front

Money that a business has left over after all the expenses and costs of running a business are paid.

Back

Profit

Front

Legal entity, like a for-profit corporation; however, instead of profit, its main goal is to achieve something to benefit society.

Back

Nonprofit corporation

Front

Business owned by one person.

Back

Sole proprietorship