Download Chapter 21 Succeeding in Our Economic System

From School To Work
Chapter 21 Succeeding in Our Economic System—Terms and Definitions
capital. Possessions and money used to increase business.
corporation. A business owned by many people called stockholders.
demand. The amount of products and services consumers want to buy.
free enterprise system. An economic system in which people are free to make their own economic
decisions.
monopoly. A single company that controls the entire supply of a product or service.
needs. The basics a person must have to live.
organization chart. A chart that shows an organization’s internal structure.
partnership. A form of business organization involving two or more people who go into business
together.
productive resources. Resources such as labor, land, capital, and equipment that can be used to
produce and provide goods and services.
profit. The amount of money a business makes from selling goods and services beyond the cost of
producing them.
proprietorship. A business that has only one owner.
supply. The amount of products and services available for sale in the economy.
wants. The items a person would like to have, but can live without.
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