Basic Concepts
items needed for survival
What are needs?
haircuts, oil changes, manicures.
What are services?
Things people use to make or get what they need and want.
What are resources?
The contest between businesses to win your dollar.
What is competition?
The money coming in to a business from the sale of goods and services.
What is revenue?
Things we desire to have
What are wants?
Any operation that seeks profit.
What is a business?
the act of gathering and analyzing information to help businesses is
What is Market Research?
True/False: Competition in the market place is usually a good thing.
True
The money left over after a business pays for it's expenses.
What is profit?
Examples: Cars, Entertainment, clothing.
What are private wants?
Any operation that makes goods or provides a service.
What is a producer?
the people who are most likely to buy a product or service?
What is target market?
Competition is bad when.
quality of products drops too much
The motive of a business is
to make money
Physical items you can touch.
What are goods?
Anyone who purchases a good or service.
What is a consumer?
To be successful, businesses must offer three things
What is quality service, products, competitive prices.
What is innovation?
Businesses offer ____ and _____ in order to make moeny.
what are goods and services?
What are public wants?
Tangible items you can purchase (touch).
What are goods?
Food, water, shelter, clothes
What are needs?
Businesses thrive on .
What is competition?
The number one factor in the profitability of pro sports is?
What is location?