BusFin Chapter 2 Vocbulary

deciding which wants and needs will be satisfied and which will go unsatisfied

• Demand
• Economics
• Choice
• Resources

the science of decision making about the allocation of scarce resources

• Demand

• Economics
• Choice
• Commodity markets

the means available to develop solutions for unsatisfied wants and needs

• Limited liability company (LLC)
• Scarcity
• Capital markets
• Resources

people have wants and needs that are greater than can be satisfied with the available products and services

• Market economy
• Scarcity
• Choice
• Financial return

the amount of a product or service that individuals want to buy to satisfy their wants and needs

• Demand
• Corporation
• Foreign currency
• Financial risk

used to finance intermediate or long-term debt of one year or longer

• Term
• Financial market
• Capital markets
• Resources

deciding which wants and needs will be satisfied and which will go unsatisfied

• Economics
• Global business
• Choice
• Resources

markets where raw materials and other basic production resources are traded

• Demand
• Money markets
• Partnership
• Commodity markets

a distinct legal entity formed by completing required legal documents in a specific state

• Economics
• Corporation
• Sole proprietorship
• Commodity markets

the science of decision making about the allocation of scarce resources

• Economics
• Scarcity
• Choice
• Financial return