Business Terms Flashcards

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Franchise

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A contract that allows a person or company to sell another brand's products or services, such as KFC.

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Cooperative

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A business that is owned by its members and managed for their benefit.

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Consumption

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The action of using goods or services.

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Demand

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The amount of goods or services that consumers are willing to buy at a given price.

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Supply

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The quantity of goods and services that producers are willing to sell at various prices.

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Market

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A place or system where goods and services are bought and sold.

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Limited partnership

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A type of business with a limited number of partners who have restricted liability.

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Commandite company

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A business structure that combines elements of a partnership and a corporation, where some partners have limited liability.

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Trends

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Changes or directions in consumer preferences over time.

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Advertising

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A strategy used to promote products or services, influencing purchasing decisions.