Goods and Services
Goods and services can be classified as either
What is tangible and intangible?
Businesses are classified by the ____ _____ performed
What is work activities?
Is the most common form of business ownership
What is a Sole proprietorships?
___________ wants are typically the goods and services a person desires
What are Consumers?
___________change raw goods into a more finished form for product development
What is a Processors?
Haircuts are example of
What is intangible?
Businesses are classified by the work activities performed
What are Producers?
Is a legal agreement between two or more people to be responsible for a business.
What is Partnership?
wants are ___________ for day-to-day life
What is unnecessary or not needed?
Intermediaries are referred to as the _________ and move finished goods from one business to another
What is a middleman?
______ are intangible, or not physical items
What is services?
Producers develop products from ___ _____ for distribution
What is raw goods?
Is a legal entity which has rights and responsibilities separate from its owners
What is Corporation?
Consumer _____ are goods and services a person requires for survival
What are needs?
a ______ buys finished goods from manufacturers in large quantities and sells them to businesses or retailers in smaller quantities
What is wholesaler?
What is intangible?
Non-profit organizations operate on _______, volunteers and philanthropists rather than income or profit to provide goods and services to businesses and individuals
What is donations?
Franchise
·Is a business which has the right or _____ to sell a company’s product or service at a designated location
What is license?
According to consumer wants and needs, bottle water is
What is a want?
a retailer typically buys finished goods from wholesalers, but can also buy directly from a manufacturer and ultimately sells the goods to the ________
What a Consumer?
Can be classified as either tangible or intangible
What are Goods and Services?
Provide services or intangible activities to consumers and other businesses
What is Service Firms?
Types of Business Ownership
·Business ownership is defined as an individual or group which owns a business and its legal entities
·Include:
-____ proprietorships
-partnerships
-__________
-franchises
What is sole and corporation?
A large mansion is _____ according to consumer wants and needs
What is a want?
______ change raw or processed goods into finished goods
What is a Manufacturers?