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Ch 17 Vocabulary

Across
A business organization in which two or more persons share responsibilities, costs, profits, and losses
An economic system in which buyers and sellers are free to exchange goods and services as they choose
Money invested in business; also, property and equipment used to produce good or services
Principle that business owners in a free market are allowed to run their businesses in any way their owners see fit, with little government interference
Business organizations that provide good and services without seeking to earn a profit
The problem of limited resources
A share of ownership in a corporation
A business owner
An economic rule that states that businesses will provide mor products when they can sell them at higher prices and fewer products when they must sell them at lower prices
Profits paid to corporate stockholders
Down
A small business owned by one person
Any natural materials that are used by humans, such as water, petroleum, minerals, forests, and animals
Human effort used to make goods and services
An economic system based on private ownership of the means of production
The income a business has left after paying its expenses
An economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices
An economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property
People who own corporate stock
A business organization chartered by a state government and given power to conduct business, sell stock, and receive protection of state laws
A company that controls all production of a good or service