Vocab
Business ownership by ordinary people.
What is Free/Private Enterprise?
Bob's ability to purchase a new truck with big mud tires on it.
What is Demand?
American Red Cross
What is a Nonprofit Organization?
Workers in these 2 functions look over the money and keep track of a company's financial situation.
What is Finance and Accounting?
This type of business is financed by Uncle Sam (Government)
What is Public Sector?
This is good for 20 years before someone else can have it.
What is a Patent?
Tons of people want the new iPhone XI but only so many are available is an example of
What is Shortage?
Social Security, Medicare, Military, Food and Drug Administration, and Environmental Protection Agency are all examples of
What is the Public Sector?
This function is the process of creating, growing, manufacturing, or improving on goods and service.
What is Production?
A competition where you would NOT compare quality of goods.
What is Price Competition?
Owning ALL of the business in a competition industry.
What is Monopoly?
This law is followed by having price and quantity move in the SAME direction.
What is Supply?
A group of establishments primarily engages in producing or handling the same product or group of products or in rendering the same services.
What is an Industry?
This function involves buying materials, products, and supplies needed to run a business.
What is Procurement?
Banshee Graphics is an example of this kind of business.
What is Domestic Business?
Owning shares of a company like Google or Apple.
What are Stockholders?
Where supply and demand meet.
What is Equilibrium?
________ obtain goods from manufacturers and resell them to organizational users, other wholesalers, and retailers.
Who are Wholesales?
This financial statement reflects ongoing operations of a firm.
What is Profit and Loss Statement?
The struggle for customers.
What is Competition?
Businesses layoff employees, government gets less taxes, and special services lose money when THIS goes down.
What is Profit?
Give an example of something that is in high demand before a certain date and then after this date is in high surplus.
What is candy after any major holiday?
_______ buy goods from wholesalers or directly from manufacturers and resell them to consumers.
Who are Retailers?
This function of business is the process of achieving company goals by effective use of resources through planning, organizing, and controlling.
What is Management?