Answer w/ definition
Business that is owned and often operated by a single individual.
What is a Proprietorship
What is the Consumer Market?
What is the Consumer Market consists of customers who buy products for their own use
Service Business
What is Provides consumers with services that meet their needs and wants.
True or False, The number of service businesses is growing slower than any other type of business?
What is False, the service business is actually the fastest growing type of business.
An association of two or more persons who co-own a business with the objective of earning a profit.
What is a Partnership
What is a customer called in the service business?
What is a Client
Producer
What are businesses that create goods and services
What is a Public and Private Sector?
-A public sector includes governmental organizations, schools, and the military.
-A private sector is all other organizations that provide goods and sevices.
Manufacturers
What are Businesses that use supplies from other producers to make products.
What is the numeric system used to classify businesses and collect economic statistics?
What is the North American Industry Classification System (NAICS)
A form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
What is a Limited Liability Company (LLC)
What is the Difference between wholesalers and retailers?
-Wholesalers purchase large quantities of products directly from producers and sell the products in smaller quantities to retailers
-Retailers buy products from wholesalers or directly from producers and sell them to consumers to make a profit