Chapter 3 Vocabulary Flash Cards

Front

Business model

Back

A company's plan for making a profit

Front

Cooperative

Back

A type of business that is owned and managed by members of a group who benefit from services the business provides

Front

Corporation

Back

A business owned by stockholders who share in profits and losses

Front

Distribution channel

Back

The path a good must follow in order to reach a consumer

Front

Limited liability company (LLC)

Back

Type of ownership that joins elements of a corporation and a partnership

Front

Organizational design

Back

The way a company’s mission relates to its structure

Front

Partnership

Back

A form of business owned by two or more individuals who share management and profits.

Front

Private enterprise

Back

A business or industry that is managed by independent companies or private individuals rather than by the state.

Front

Public enterprise

Back

A business owned fully or in part by the government.

Front

Sole proprietorship

Back

A business owned and operated by a single individual.