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Economics Vocabulary and concepts
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McDonald is an example of a
franchise
steel manufacturing, oil, railroads, tire manufacturing, grocery store chains, and wireless carriers are examples of
oligopolies
Amazon is an example of a
corporation
law firms, physician groups, real estate investment firms and accounting groups are examples of
partnerships
Mom and Pop Stores, mechanic shops, computer repairs are examples of this type of business
Sole proprietorship
70% of all businesses in the US
Sole proprietorship
Walmart is an example of what type of business
Corporation
This is a disadvantage of starting a business
Limited Funds
Freedom & Control is an advantage of this kind of business
sole proprietorship
partial ownership in a company
stock
Chick-Fil-A is an example of this kind of business
Franchise
What is a monopoly?
a situation where there is a single seller in the market
What is an oligopoly?
a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies
What do we call a user- owned and controlled business from which benefits are derived and distributed equita- bly on the basis of use or as a business owned and controlled by the people who use its services
cooperative
What do we call an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products
franchise
What is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers
Nonprofit organization
What is a dividend?
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits
What do we call the the capital raised by a business or corporation through the issue and subscription of shares
stock
This is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
corporation
What is a partnership?
a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business genera
What does Unlimited liability mean?
owner is personally liable for the debts and expenses of the business
A business that ceases to exist if the owner dies, retires, or leaves the business.
Limited life
This is someone who owns an unincorporated business by himself or herself.
Sole Proprietorship


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