chapter 17 bookwork

4. A business in which two or more people share the responsibilities, costs, profits, and losses.
7. An economic system in which the productive resources—farms, factories, machines, and so on—are owned by private citizens.
11. A type of business that is recognized as a separate legal entity.
12. Proprietorship- A small business owned by one person.
14. of Demand- states that buyers will demand, or want, a greater quantity of a good when its price is low.
15. of Supply- states that businesses will produce more products when they can sell them at higher prices.
16. A person who organizes, manages, and assumes the risks of a business.
18. Organizations- Some business organizations provide goods and services without seeking to earn a profit for stockholders.
19. Shares of ownership.

1. Market- The right to buy and sell goods as you want.
2. occurs when there are not enough resources to meet people’s wants.
3. Resources- Items provided by nature without human intervention that can be used to produce goods and to provide services.
5. Corporate profits paid to stockholders.
6. All human effort, skills, and abilities used to produce goods and services.
7. The manufactured goods used to make other goods and services.
8. If a company is the only one selling a product.
9. Enterprise- Business owners may operate however they see fit, with little direction or interference by the government.
10. Economy- Economic decisions are made by people looking out for their own best interests.
13. People who buy corporate stocks.
17. Is the money a business has left after it has paid its expenses.