Into to Business- Chapter 5

How does a new business create an impact on a Community?

1. Creates jobs 2. Other business will profit from the new jobs.

What are the 4 kinds of businesses?

1. Extractor 2. Manufacturer 3. Marketer 4. Service Business

What are some Business Activities?

1. Generating ideas 2. Raising capital ($) 3. Buy goods + services 4. Using human resources 5. Marketing goods + services 6. Produce goods + services 7. Keeping Records

What are the 3 ways that a manufacturer can be organized?

1. Mass Production 2. Custom Manufacturing 3. Processing

What are some marketing activities?

1. They help identify, develop and test products. 2. Package the products 3. They store goods until it's ready to sell. 4. Design store windows and arrange displays. 5. Transport goods.

What is Custom Manufacturing?

where they build a unique and specific product for the consumer.

What is Processing?

where they change materials so they can be used to manufacture other products.

What is a manufacturer?

they take the extractor's products and change them in a form that a consumer can use.

What is a Service Business?

a business firm that does things for you instead of making or marketing products.

What is an Extractor?

a business that grows products or takes raw materials from nature. (ex; a potato)

What is a Marketer?

a business that moves goods and services from producers to consumers.

What is Mass Production?

making large numbers of identical products.

What is the name of the activities that Marketers do?

marketing