economic resources are owned, planned and controlled by the state
command economy
1 of 7
a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits
sole trader
2 of 7
a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities
partnership
3 of 7
the only liability - or potential loss - a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder
limited liability
4 of 7
a small of medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public
private limited company
5 of 7
a certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights
share
6 of 7
a person or institution owning shares in a limited company
shareholder
7 of 7
Other cards in this set
Card 2
Front
a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits
Back
sole trader
Card 3
Front
a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities
Back
Card 4
Front
the only liability - or potential loss - a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder
Back
Card 5
Front
a small of medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public
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