Econ Terms ch 3

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Author:
kickenbugg
ID:
20346
Filename:
Econ Terms ch 3
Updated:
2010-05-22 22:41:21
Tags:
Economics Final Exam
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Description:
Terms from Ch 3 that are on the Exam
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  1. -combination of 2 or more businesses to form a single firm-
    Merger
  2. -Business owned and run by a single person who has the rights to all profits and unlimited liability to all debts of the firm-
    Sole Propriotorship / Propriotorship
  3. -Formal consent to repay borrowed money with interest-
    Bond
  4. -economic organization that operates like a business but does not seek financial gain-
    non-profit organization
  5. -form of business organization recognized by law as a seperate legal entity-
    Corporation
  6. -check that transfers a portion of the company profits to stockholders, usually quarterly-
    Dividend
  7. -unincorporated business owned and operated by two or more people who share the profits and responsibilities for debts-
    Partnership
  8. -Certificate of ownership in a corporation-
    Stock
  9. -Firm with 4 or more businesses making unrelated products, with no single business responsible for a majority of its sales-
    Conglomerate
  10. -nonprofit association performing some kind of economic activity for the benifit of its members-
    Cooperative / Co-Op
  11. -Requirement taht an owner is personally and fully responsible for all loses and debts of the business-
    Unlimited liability
  12. -amount borrowed when getting a loan or issuing a bond-
    principle
  13. -Form of partnership where one or more partners are not active in the daily running of the business and have limited responsibilty for debts-
    limited partnership
  14. -Company providing an essential service such as water or electricity to consumers-
    Public Utility

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