Chapter 4 - Business in the Free Enterprise

An organization that generates revenue -

• producer

• for-profit business

• nonprofit business

• retailer

Business that creates goods and services

• producer

• retailer

• intermediary

• wholesaler

Business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers. Also known as a distributor.

• reseller

• producer

• wholesaler

• manufacturer

Business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit

• Retailer

• Service business

• Intermediary

• for-profit business

Consists of customers who buy products for use in a business

• consumer market

• business-to-consumer

• business market

• business-to-business

Business that is owned and often operated by a single individual

• partnership

• corporation

• limited liability corporation

• proprietorship

Share of ownership in a corporation

• stock

• dividend

• board of directors

• liability

Portion of a corporation's earnings distributed to stockholders

• proprietorship

• dividend

• stock

• business market

Business that is owned and operated by those using its services; also called a co-op

• corporation

• partnership

• Cooperative

• partnership agreement

Association of two or more persons who co-own a business with the objective of earning a profit

• partnership agreement

• limited liability company

• cooperative

• partnership