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Chapter 3 Economics Vocab

a buisnes owned and run by one person
unlimited liability
The owner is personally and fully responsible for all losses and debts of the business
limited life
the firm legally ceases to exist when the owner dies, quits, or sells the business
a stock of finished goods and parts in reserve
a business jointly owned by two or more persons
limited partnership
the limited partners have limited liability
a court-granted permission to an individual or business to cease or delay debt payments
a form of buisness organization recognized be law as a seperate legal entity having all the rights of an individual
a government document that gives permission to create a corporation
ownership certificates in a firm
owners of a corporation
a check repreenting a portion of the coorporations earnings
a written promise to repay the amount borrowed at a later date
the amount borrowed
the price paid for the use of another’s money
double taxation
coorporations get double taxed, through government and income tax on employees
a combinations of 2 or more buisnesses to form a single form
income statement
a report showing a businesses sales, expenses, and profits for a certain period
net income
total sales, minus, subtracting expenses
a non cosh charge the firm takes foe the general wear and tear on its capital goods
cash flow
the sum of net income and non-cash charges such as depreciation, is the bottom line, or real masure of profits of a business
horizontal merger
takes place when to companies when two or more firms that sell the same kind of product join forces
vertical integration
when firms involved in different steps of manufacturing or marketing join together
a firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of its sales
a corporation that has manufacturing or service operations in a number of different countries
nonprofit organization
Institution that functions much like a business, but does not operate for the purpose of generating profits
A voluntary association of people formed to carry on some kind of economic activity that will benefit its members
credit union
a finacial organization that accepts deposits from, and makes loans to, employees of a particular company or government agency
labor union
an organization of workers that tries to improve working conditions, wages, and benefits for its members
collective bargaining
when a union participates in negotiations with managment over issues lsuch as pay, working hours, health care, life insurance, vacations, and other job reltaed matters
professional association
A group of people in a specialized occupation that works to improve the working conditions, skill levels, and public perceptions of the profession.
chamber of commerce
part of a city that promotes the welfare of its members and the community
Better Business Bureau
A non-profit organization sponsored by local businesses to provide general information on companies, is one of these. It maintains records on consumer inquiries and complaints and sometimes offers various consumer education programs.
Public utilities
Investor- or municipal-owned companies that offer important products to the public, such as water or electric service.

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