EPF Chapter 18&19 Vocab

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Manufacturer

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Takes materials and builds goods to sell.

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Wholesaler

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Buys goods in bulk and resells to smaller retailers.

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Retailers

Back

Buys goods from a wholesaler and sells them directly to consumers.

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Service Business

Back

Provides services to customers for a fee.

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Special Businesses

Back

Businesses that do not fall into the other four categories

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Sole proprietorship

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Owned by a single individual

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Partnership:

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At least two individuals share management, profit, and liability.

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General partnership

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all have unlimited liability

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Limited partnership

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One partner has limited liability; others are investors only (no say).

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Corporation

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A company or group authorized to act as a single entity (legally a person) recognized in law.