________ is the activity of making profit by producing and selling consumers goods and services in exchange for money.
Business
________ products created by businesses that you can physically touch and see.
Goods
_______ being legally responsible for something.
Liability
______ is a business that seeks to make profit.
Profit Business
A group of people identified as those most likely to become customers that have similar wants and needs.
Target Market
The public promotion of something such as a product, service, business, or event, to attract or increase interest.
Advertising
A device, machine, tool, or technique that is created by humans, to help enhance our everyday lives.
Technology
_________ the money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society.
Profit
_________ work that businesses perform for consumers.
Services
__________ is an organization created whose purpose is something other than making a profit.
Non Profit Business
A business that was created for expanding an original business, but opening in a new location, and where you are required to sell goods and services a certain way.
Franchise
Measurable characteristics that describe a population by age, gender, income, ethnic background, education, and occupation.
Demographics
A group of people or companies who have a demand for a product or service and are willing and able to buy it.
Market
________ of technology tools is not just needed, but expected, in order to enhance your academic, business, and personal performance.
Proficiency
_________ to help people improve their lives by providing goods and services they value more highly than their other options.
Role of a Business
________ is the contest between businesses to win over consumers.
Competition
A government agency that helps small business owners with resources to help them start up and run their business.
Small Business Administration
_________ a business owned by two or more people and they share the profit.
Partnership
the collection and analysis of information aimed at understanding the behavior of consumers in a certain market.
Market Research
_________ the 4 strategies used to reach a target market: product, place, price and promotion.
Marketing Mix
Something tangible (physical) that is associated with a computer.
Hardware
___________ an individual who buys goods and services from businesses.
Consumer
__________ the study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
Economics
Someone who starts up their own business and takes on all the risks and rewards. Entrepreneurs are the decision maker and they decide what, how, and how much of a good or service will be produced.
Entrepreneur
A business form consisting of one or more persons and this type of business helps protect owners personal assets.
Limited Liability Company, LLC
A researched plan used by a business to shape its product, place, price and promotion to reach its target market.
Marketing Plan
The process of getting goods and services to customers is called __________.
A type of business where you can sell goods or services using the internet or where you transmit money and information electronically.
E-commerce
Items that people can use to make or obtain what they need and want are _________.
Resources
What are the three resources?
Money, Labor, and Materials
The process of recognizing a business opportunity, starting the business based on the recognized opportunity, and operating and maintaining that business.
Entrepreneurship
A business that is owned by many people who are also stakeholders.
Corporation
Getting the money that is necessary for setting up and running a business is called _________.
Financing
Deciding how much to charge for a product or service so that a business can make a profit is called ________.
Pricing
A place where you can store/use things on internet servers instead of your computer's hard drive.
The Cloud
___________ to sell you goods and services in order to try and add value to society.
__________ the activity of producing and selling of goods or services and making them available to all consumers.
Acting in ways consistent with what society and individuals typically think are good values.
Ethical Behavior
The quality of being honest and having strong moral principles; moral uprightness.
Integrity
Any effort to inform, persuade, or remind potential customers about a business's products or services is part of the ________ function.
Promotion
The ___________ point is the point at which total revenues, or sales, equal total costs and expenses of developing and offering a product.
Break Even
The design, study, and development of computer-based information systems.
Informative Technology
What do businesses try to fulfill for consumers?
Their wants and needs.
What is our biggest economic problem in society?
Limited Resources
A business owned by one person.
Sole Proprietorship
Someone who is hired to work for someone.
Employee
A prototype is a ____________ of the actual product.
Model
A medium is a _________ or system of communication.
Channel
The programs and operating systems that are installed on devices.
Software
Not being able to satisfy all of your wants and needs because resources are scarce.
Limited Resources
Slogan, Repetition, Expert Opinion, Bandwagon, Testimonial, Appeals to Emotion, Expert Opinion
This is the first step of product development _______.
Generate Ideas
Communication/Connectivity, Basic information processing, organization, decision making & production, job creation, etc.
Advantages of Technology
This is the last step of product development.
Evaluating Customer Acceptance
There are ______ functions of marketing.
Seven
Privacy concerns, elimination of jobs, expensive software, work overload, plagiarism and copyright issues, complexity, etc.
Disadvantages of Technology