Cooperative (Co-op)

Business Concepts Flashcards

Flashcard
•
others
•
KG
•
Hard
Zanieb Masoud
FREE Resource
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
Definition: Business owned and operated by a group for mutual benefit. Example: Local food co-op
2.
FLASHCARD QUESTION
Front
Partnership
Back
Definition: Business arrangement where two or more individuals share ownership and profits. Example: Law firm with multiple lawyers
3.
FLASHCARD QUESTION
Front
Scarcity
Back
Definition: Condition where there are not enough resources to produce everything desired. Scenario: Limited water supply in a drought-affected town.
4.
FLASHCARD QUESTION
Front
Natural Resources
Back
Definition: Resources from nature used to produce goods/services (land, water, minerals, forests). Scenario: Farmer relying on rainfall.
5.
FLASHCARD QUESTION
Front
Wants (Goods & Services)
Back
Definition: Desires for goods and services that are not necessary for survival.
6.
FLASHCARD QUESTION
Front
Traditional Economy
Back
Economic system based on customs and traditions. Scenario: Village farming passed down generations.
7.
FLASHCARD QUESTION
Front
Market Economy
Back
Economic system where individual choices and prices decide production and distribution. Scenario: City where businesses compete and prices fluctuate.
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