What Is a Business
What is the main goal of most businesses?
→ Earn a profit or achieve a mission
Which is a profit business: Walmart or Red Cross?
→ Walmart
A business owned by one person is called a ______.
→ Sole Proprietorship
Farming belongs to which sector?
→ Primary
A market connects ______ and ______.
→ Buyers and sellers
One purpose of a business is to create ______.
→ Value
Which is a non-profit: Nike or UNICEF?
→ UNICEF
Which type of business is a separate legal entity? → Corporation
→ Corporation
Manufacturing cars belongs to which sector?
→ Secondary
Price is determined by what two forces?
→ Supply and Demand
True or False: All businesses exist only to make profit.
→ False – some are non-profit
What do non-profits do with their revenue?
→ Reinvest it into their mission
Law firms and medical practices are often which type of business?
→ Partnership
Retail stores belong to which sector?
→ Tertiary
Which type of competition has one seller controlling the entire market?
→ Monopoly
Example: Apple exists to provide what?
→ Goods and services that satisfy needs/wants
Profit businesses pay ______, but non-profits are usually ______.
→ Taxes; Tax-exempt
Which type of business has unlimited liability?
→ Sole Proprietorship
Which sector provides services like banking and education?
→ Tertiary
Globalization is the growing ______ of markets across countries.
→ Interconnection
Besides making money, how else do businesses contribute to society?
→ Provide jobs, create value, satisfy needs/wants
Can non-profits make profits?
→ Yes, but they reinvest them into the mission
Why might someone choose a corporation over a sole proprietorship?
→ Limited liability, ability to raise money through stock
Mining, food processing, and teaching are examples of which three sectors?
→ Primary, Secondary, Tertiary
Name one benefit and one challenge of globalization.
→ Benefit = lower prices, larger markets, innovation, cultural exchange; Challenge = outsourcing, environmental concerns, supply chain disruptions