What is a Business
Successful businesses contribute to the quality of people's lives by creating this.
What is higher standard of living?
There are two types of this a business can use.
What is capital?
A movement towards a more connected world economy (moving products across borders).
What is globalization?
Factors of production go in and goods and services go out.
What is production?
Relies on local consumers.
This is the money a business brings in.
What is Revenue?
These are the raw materials used to produce goods and services.
What is land?
These types of changes play a huge role in the business world (think about Zume and Domino's Pizza).
What is marketing?
This is when a business has several locations throughout the country.
What is National?
Getting your haircut, going to a movie, going to a theme park.
What are services?
This factor of production can be both physical (operating a machine) or intellectual (ideas or knowledge).
What is Labor?
Businesses must adapt to these trends to be successful.
What is social environment?
Analyzing the return rate of your buy one get one half off coupon.
What is finance and accounting?
Nike, Walmart, and McDonalds are examples of this.
What is Multi-National?
These can be things such as utility Bills, insurance, taxes, and inventory.
What are business expenses?
Humans have unlimited wants and needs but limited resources.
What is scarcity?
This is challenging but can allow businesses to grow and think of new ideas.
What is competition?
Deciding to open a new location in the next town over.
What is management?
YouTube is classified as this type of business.
What is service?
What is profit?
Oliver choosing to go to the basketball game with his friends instead of studying for his test to get a better grade.
What is opportunity cost?
Connecting with customers, communicating, and building relationships with quick responses.
What is social networking?
A display by the freezer section of syrups, nuts, and sprinkles is an example of this.
What is marketing?
Money they make gets reinvested into the organization to expand their services.
What is a not-for-profit business?