pob 2012 Exam 2
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This set of flashcards covers key vocabulary and concepts found in the Principles of Business Examination.
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18 Terms
Sole Proprietorship
A business owned by one person.
Partnership
A business owned by two or more people.
Franchise
A business using another's name and system.
Instruments of Payment
Ways to pay, like cash or checks.
Contract
A legal agreement between people.
Resources
Things used to make products and services.
Customer Satisfaction
How happy customers are with a product or service.
Direct Taxes
Taxes on income.
Indirect Taxes
Taxes on goods and services.
Specialization
Focusing on specific tasks to be more efficient.
Balance of Trade
The difference between what a country sells and buys.
Globalization
Businesses operating globally.
OECS
A group of Caribbean countries working together.
CARICOM
Caribbean nations promoting cooperation.
WTO
An organization that regulates international trade.
Regressive Taxation
A tax that takes more from low earners.
Progressive Taxation
A tax that takes more from high earners.
Single Market
An area where goods and labor move freely.
