Basic Principles
Supply & Demand
Types of Business
Industry & Markets
Functions of Business
100
Encourages individuals to start and operate their own businesses in a compettive system, without government involvement.
What is free enterprise system
100
The amount of goods producers are willing to make and sell.
What is supply.
100
This type of business is operated by only one or a few individuals.
What is a small business?
100
This consists of a group of establishments primarily engaged in producing or handling the same product.
What is industry?
100
Production is the process of creating, expanding, manufacturing, or improving goods and services.
What is production?
200
An invention, you alone own the rights to, an idea or item.
What is a patent
200
Consumers willingness and ability to purchase a product.
What is demand.
200
A business that sells it's product only in the country.
What is a domestic business?
200
Obtain goods from manufacturers and resell them to individual users.
What is wholesalers
200
Procurement involves buying and selling goods that have been already produced.
What is Procurement?
300
A word, name, symbol, sound, or color that identifies a good or service that cannot be used by a business.
What is a trademark.
300
When the amount of product being supplied is equal to the amount being demanded.
What is equillibrium.
300
This functions like a business but uses the money it makes to fund the cause identified in it's charter.
What is nonprofit organization.
300
buy goods from wholesalers or directly from manufacturers.
What is retailers
300
A balance sheet reports a company's assets, liabilities, and owner's quality.
What is a balance sheet?
400
Involves anything that is authored by an individual.
What is a copyright.
400
When demand exceeds supply.
What is a shortage.
400
Their main purpose is to provide services to the people in the country. Such as military or social agencies.
What is public sector?
400
The demand for industrial goods based on the demand for consumer goods and services.
What is derived demand.
400
Finance is the function of business that involves money management, where accounting is the discipline that keeps track of a company's money.
What is the relationship between finance and accounting?
500
Exclusive control over a product or the means of producing it.
What is a monopoly.
500
When supply exceeds demand.
What is a surplus.
500
A large business employs at least this number of people.
What is 1000?
500
The NAICS stands for this.
What is North American Industry Classification System.
500
The five rights of merchandising are having: the right goods the right time the right place the right price the right amount
What are the five rights of merchandising?
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