chapter 17 bookwork

2. Market- The right to buy and sell goods as you want.
4. The manufactured goods used to make other goods and services.
7. Proprietorship- A small business owned by one person.
8. Enterprise- Business owners may operate however they see fit, with little direction or interference by the government.
9. A type of business that is recognized as a separate legal entity.
10. Is the money a business has left after it has paid its expenses.
11. An economic system in which the productive resources—farms, factories, machines, and so on—are owned by private citizens.
12. Economy- Economic decisions are made by people looking out for their own best interests.
14. Corporate profits paid to stockholders.
16. If a company is the only one selling a product.
18. People who buy corporate stocks.

1. Resources- Items provided by nature without human intervention that can be used to produce goods and to provide services.
3. A person who organizes, manages, and assumes the risks of a business.
5. occurs when there are not enough resources to meet people’s wants.
6. All human effort, skills, and abilities used to produce goods and services.
10. A business in which two or more people share the responsibilities, costs, profits, and losses.
13. Shares of ownership.
15. Organizations- Some business organizations provide goods and services without seeking to earn a profit for stockholders.
17. of Demand- states that buyers will demand, or want, a greater quantity of a good when its price is low.
19. of Supply- states that businesses will produce more products when they can sell them at higher prices.