Intro to Business
What is a service?
Something done for a fee
What is a tariff?
A tax on imported goods.
A business owned by one person is called a?
Proprietorship.
Name one of the 4 Ps of Marketing.
Product, Price, Place, Promotion.
Define a good
Soemthing physical you can touch
Name one of the 5 types of utility.
Form, Place, Time, Information, Possession.
What is the exchange rate?
The value of one currency compared to another.
Who shares the risk and responsibility in a partnership?
Two or more owners.
What is a Feature of a product?
Something a product is, has or does.
Define a need and give an example
A basic requirement for survival (e.g., food, shelter).
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship.
What does it mean to import a product?
Bring it into your country from another.
What does LLC stand for?
Limited Liability Company.
What are the transportation methods we discussed
planes, trains, boats, pipelines, digital, trucks
What is a product?
Something offered to satisfy a want or need.
What type of economy is based on customs and traditions?
Traditional economy.
What type of business operates in multiple countries?
Multinational company.
What’s the difference between a wholesaler and a retailer?
Wholesaler sells in bulk; retailer sells to final consumer.
How do you solve for the markup amount?
Selling price - cost.
What is capital?
Money or tools used to produce goods and services.
In a market economy, who answers the economic questions?
Consumers and producers.
What is an embargo?
A complete ban on trade with a country.
What is the purpose of a not-for-profit business?
To serve the public or a cause, not to make a profit.
What are the 4 strategies in the promotional mix?
Public relation, personal selling, sales promotion, advertising
Define a Not-for-Profit Business
An organization that does not aim to make a profit