Intro to Business
What is a service?
What is a tax on imported goods?
Tariff
A business owned by one person
Sole Proprietorship.
Name one of the 4 Ps of Marketing.
Product, Price, Place, Promotion.
Define a good
Soemthing physical you can touch
What are 2 types of utility.
Form, Place, Time, Information, Possession.
The value of one country's currency compared to another.
What is the exchange rate?
Who shares the risk and responsibility in a partnership?
Two or more owners.
A firm can change this to differentiate its product
What is packaging or product features?
A financial plan for income and expenses.
What is a budget?
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship.
Bringing goods, services or information into your country from another.
What is importing?
What does LLC stand for?
Limited Liability Company.
What are the transportation methods we discussed
planes, trains, boats, pipelines, digital, trucks
Item offered to satisfy a want or need
Product
Name primary causes of a profitable business failing
Poor cash flow and poor management
What type of business operates in multiple countries?
Multinational company.
Retailers sell to the customer; _____ sells in bulk
Who is a Wholesaler?
Trend magazine focuses markets teens interested in fashion and celebrity culture. This strategy is
What is target marketing?
This type of financing is best for opening a new location
What is long-term financing?
In a market economy, who answers the economic questions?
Consumers and producers.
What is an embargo?
A complete ban on trade with a country.
The purpose of a not-for-profit business
To serve the public or a cause, not to make a profit.
What are the 4 strategies in the promotional mix?
Public relation, personal selling, sales promotion, advertising
An organization that does not aim to make a profit
What is a Non-profit?