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Chapter 4 Vocabulary

Ryan Solano

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3.A commodity or service that is provided without profit to all members of a society.
4.An agreement with legal force, in particular.
5.Intangible commodities; economic activity where the buyer does not obtain exclusive ownership of the thing purchased.
6.A payment made or income received in which no goods or services are being paid for.
7.Goods that are consumed or are only usable for a short period of time.
10.The exclusive possession or control of the supply or trade in a commodity or service.
11.A business or firm owned and run by two or more partners.
12.The capital raised by a business or corporation through the issue and subscription of shares.
13.Goods not for immediate consumption and able to be kept for a period of time.
14.A type of liability that does not exceed the amount invested in a partnership or company.
15.A place where an industrial or manufacturing process takes place.
1.An unincorporated business with one owner who pays personal income tax on profits from the business.
2.Economic activity concerned with the processing of raw materials and manufacture of goods in factories.
8.A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
9.A side effect of an industrial activity that affects other parties without this being reflected in the cost of the goods or services involved.

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