Section 1.2 Flashcards
economics
the study of the choices and decisions that affect making distributing and using goods and services
GDP
the value of all goods and services produced with in a country
profit
the money left after all costs and expenses of a business are paid
Competition
As a charachteristic of free enterprise the strugle among companies for customers
copyright
the legal protection of a creators intellectual property or products
patent
20 year grants to protect owners of patented products
trademarks
they distinguish goods and services that are registered with the US PTO
sole proprietership
a business involving only one owner
partnership
when two or more owners run a business
coorporation
a business entity that has the ability to conduct business and enter in to contracts apart from its owner or owners
subchapter S Corporation
It follows all the same government regulations of a corporation however it is taxed like a partnership
