Ch3 Vocabulary
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Created by:
Mendizza Teacher on March 3, 2009
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15 terms
Terms | Definitions |
|---|---|
 unlimited liability | The owner is fully responsible for all losses and debts of their company. |
| inventory | Finished goods that are ready to be sold. |
| bankruptcy | When courts allow an individual or a business to stop payments on debt. |
| stock | A piece of a company - part ownership. |
| stockholder | A person who owns some stock in a company. |
| bond | A written promise to repay an amount borrowed. |
| principal | The amount of money borrowed. |
| interest | The price paid for the use of borrowing money. |
| double taxation | When stockholder's dividends are taxed twice. |
| sole propietorship | A business owned by only one person |
| partnership | A business owned by two or more people. |
| corporation | A type of business that has the rights of an individual to buy property, enter contracts, and to sue or be sued. |
| scarcity | When there is not enough goods for everyone's wants. |
| economics | The study of how people use limited resources to satisfy unlimited wants. |
| value | Something's worth in money. |
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