PBMF Vocab - Economics

owned and operated by those using its services

cooperative

an organization that generates revenue

for-profit business

combines the benefits of a corporation with those of proprietorships and partnerships

Limited Liability Company

an organization that exists to serve some public purpose

nonprofit

a group of individuals who make high-level management decisions for the business and establish company policies

board of directors

businesses that create goods and services

producer

a portion of the corporation's earnings distributed to stockholders

dividend

businesses or people that take natural resources from the land

extractor

a share of ownership in a corporation

stock

businesses that use supplies from other producers to make products.

manufacturer

a business that is legally separate from its owners

corporation

people or businesses that sell the goods and services from producers to customers.

intermediary

an association of two or more persons who co-own a business with the objective of earning a profit

partnership

business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers

wholesaler

legal responsibility

liability

buy products from wholesalers or directly from producers and sell them to consumers to make a profit.

retailer

is a business that is owned and often operated by a single individual

sole proprietorship

earns profits by providing consumers with services that meet their needs and wants

service business

businesses that sell primarily to other businesses

business-to-business (B2B)

businesses that sell primarily to individual consumers

business-to-consumer (B2C)