Chapter 1
A person who starts a new business
What is an entrepreneur?
These are all the goods or services a business will sell.
What is the product mix?
These are rules of behavior based on ideas
about what is right and wrong.
What is ethics?
The rate at which one currency can
be converted to another.
What is an exchange rate?
This is a specific group of customers at which a company aims its goods and services.
What is a target market?
These are feelings about people or things.
What is attitude?
These are the day-to-day activities necessary to keep a business up and running.
What are business operations?
This is the quality of being honest and fair?
What is integrity?
Shipping products made in one country to another country for future sale.
What is exporting?
The process of dividing a large market into smaller groups.
What is market segmentation?
This is when a person takes the risks and responsibilities of starting a new business.
What is entrepreneurship?
This is initial money needed to open a business.
What is start-up capital?
This occurs when an employee has competing interests or loyalties.
What is a conflict of interest?
Bringing products made in one country into another country for future sale.
What is importing?
This is the process of dividing a market based on where customers live.
What is geographic segmentation?
These are newly created businesses.
What are start-up companies?
This includes all the activities involved
in developing and exchanging products.
What is a business?
This is using another’s words without giving credit to the person who wrote them.
What is plagiarism?
This is a partnership of two or more companies working together for a specific business purpose.
What is a joint venture?
This is the process of dividing a market
by a customers’ personal statistics.
What is demographic segmentation?
This is a person who works for a company and uses skills, knowledge, and company resources to create new products.
What is an intrapreneur?
These are the things that are desired, but a person can live without.
What are wants?
This is the advantage a business has due to its good reputation.
What is goodwill?
Governmental regulations restricting trade with other countries.
What are trade barriers?
This is the process of dividing a
market by lifestyle choices.
What is psychographic segmentation?
This person influences others in a positive way and makes things different or better.
What is a leader?
This is the cost of passing up the next best choice when making a decision.
What is an opportunity cost?
This is when an individual promotes the welfare of others.
What is philanthropy?
This is a tax on imported goods.
What is a tariff?
This is the process of dividing a market by the relationships between customers and the good or service.
What is behavioral segmentation?