chapter 17 bookwork

3. The manufactured goods used to make other goods and services.
5. of Supply- states that businesses will produce more products when they can sell them at higher prices.
6. All human effort, skills, and abilities used to produce goods and services.
9. An economic system in which the productive resources—farms, factories, machines, and so on—are owned by private citizens.
13. Is the money a business has left after it has paid its expenses.
14. Organizations- Some business organizations provide goods and services without seeking to earn a profit for stockholders.
17. A person who organizes, manages, and assumes the risks of a business.
18. Shares of ownership.
19. People who buy corporate stocks.

1. A business in which two or more people share the responsibilities, costs, profits, and losses.
2. Resources- Items provided by nature without human intervention that can be used to produce goods and to provide services.
4. Proprietorship- A small business owned by one person.
7. occurs when there are not enough resources to meet people’s wants.
8. If a company is the only one selling a product.
10. Economy- Economic decisions are made by people looking out for their own best interests.
11. Corporate profits paid to stockholders.
12. A type of business that is recognized as a separate legal entity.
15. Enterprise- Business owners may operate however they see fit, with little direction or interference by the government.
16. Market- The right to buy and sell goods as you want.
20. of Demand- states that buyers will demand, or want, a greater quantity of a good when its price is low.