| A | B |
|---|
| Business definiton | Any activity that provides goods or services to customers for the purpose of making a profit |
| Profit definiton | Difference between the revenue a business brings in and the costs of generating this revenue |
| What are Not-for-Profit Organizations? | Organization that have a profit don't work for profit |
| What are some examples of Not-for-Profit Organizations | Red cross, United Way, Habitat for humanity |
| What are External Factors examples? | Economy, Government, Consumer Trends, Corporate Citizenship |
| What are Areas of Business Examples? | Management, operations, Fiance, Marketing, accounting? |
| How many External Factors are there | 4 |
| How many areas of business are there | 5 |
| What do Consumers do? | Keeps prices low and the quality and choice of products and services high |
| What do Businesses do? | Promotes innovation to make products better |
| What is one thing businesses compete in? | Price |
| What is a non-price factor business compete in? | Unique products or Differentiation |
| What would an example of a competitive advantage be? | Better service |
| What are the four types of resources? | Land and other Natural Resources, Human, Capital, Entrepreneurship |
| What is an employee? | A peron who works for another person or company in return for payment (wages or salary) |
| What is a segment? | A group of people having something in common. |
| What is an Opinion? | An expression of one's beliefs regarding a certain issue. |
