Definitoins Flashcards
1
Q
What is market driven economy
A
Economy where consumers make the decision of what to buy and this determined what producers will make
2
Q
What is free enterprise
A
Business owners produce whatever legal goods and services people willing and able to buy
3
Q
What is business enterprises
A
Store/ company or firm that offers product of service for sale
4
Q
What is a corporation
A
Artificial body created at law that can act in business like a real person
5
Q
What is a propietership
A
Single person and its owner
6
Q
What is the board of directors
A
People chosen by shareholders of corporation to give direction to the executive of a business
7
Q
What is a entrepreneur
A
person brings all factor of production together to make a product of service
