Econ Vocab Quiz 3

A risk-taking individual in search of profits; 1 of the 4 factors of production.

• Sole proprietorship

• corporation

• entrepreneur

• labor

The driving force encouraging people and organizations to improve their material well-being; characteristic of capitalism and free enterprise.

• Liabilities

• Oligopoly

• Corporation

• Profit motive

Unincorporated business owned & ran by a single person who has rights to all profits and unlimited liability for all debts of the firm; The most common form of business in the U.S

• Partnership

• Sole proprietorship

• Corporation

• Monopoly

Unincorporated business owned and operated by 2+ people who share profits and have unlimited liability for debts and obligations of the firm; General partnerships

• Partnership

• Corporations

• Stockholder

• Entrepreneur

A form of business organization recognized by law as a separate entity with all rights and responsibilities of an individual. Including rights to buy & sell properties, enter legal contracts, sue, and be sued.

• Partnership

• Monopoly

• Sole proprietorship

• Corporation

Debts and obligations owed to others; usually listed as entries on balance sheet.

• Perfect competition

• Liabilities

• Stock

• Stockholder

Certificate of ownership in a corporation; common or preferred stock.

• Monopolistic Competition

• Monopoly

• Stockholder

• Stock

Person who owns shares of stock in a corporation; also known as a shareholder.

• Entrepreneur

• Stockholder

• Oligopoly

• Monopoly

Market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products.

• Monopolistic competition

• Oligopoly

• Liabilities

• Perfect Competition

Market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition.

• Oligopoly

• Monopolistic competition

• Perfect competition

• Corporation