Business Goals & Economics
The economic system where all property is publicly owned, and each person works and is paid according to their abilities and needs.
What is communism?
The business external factor that requires businesses to meet laws and regulations.
What is Government?
This legal form is a separate entity owned by shareholders, providing limited liability but subject to double taxation.
What is a corporation?
The first step in creating a product involves gathering these, which are used in manufacturing.
What are raw materials?
This “P” involves the design, branding, and features of an offering.
What is Product?
The economic system where all property is publicly owned, and each person works and is paid according to their abilities and needs.
What is socialism?
When a business' performance has met its top level & sales.
What is Peak Performance?
Owners of this type of business share responsibility but may also face joint liability for debts.
What is a general partnership?
These are created by combining raw materials to build parts for a finished product (usually using a variety of machines and labor).
What are components?
This “C” focuses on creating a sense of belonging among customers & fostering engagement through user-generated content & avenues for customers to communicate.
What is Community?
This type of responsibility reflects a company's commitment to ethical practices and giving back to society.
What is Corporate Social Responsibility (CSR)?
A person or organization that has a legitimate interest in the performance of a business.
What is a Stakeholder?
This structure allows individuals to limit personal liability to their own investment in the business.
What is a corporation?
This step involves assembling components to create the final product.
What is production?
This “P” includes evidence that reassures customers about the quality of a product or service as well as its integration in the overall company brand.
What is Physical Evidence?
A situation where demand exceeds supply in a market.
What is a shortage?
The external factor businesses respond to based on this group's preferences.
What are Consumer Trends?
This legal form of business allows partners to share profits while potentially limiting liability through certain agreements.
What is a Limited Partnership?
This step ensures products reach customers through retail or other channels.
What is distribution?
The relevance of content in relation to the target audience and platform.
What is Context?
This economic principle describes how the allocation of resources affects production and consumption.
What is supply and demand?
The four external factors businesses respond to.
What are the Economy, Government, Consumer Trends, & Corporate Citizens?
This business form may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions.
What is a nonprofit?
The final stage where customers purchase and use the product.
What is consumption?
The “P” that reviews the costs of a product as well as profit margins.
What is Price?