Chapter 1: Business Now – Flashcards
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Nonprofit organizations are not in the business of:
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financial gain
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Timber, water, coal deposits, and solar energy are classified as:
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natural resources
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The stock market, housing foreclosures, and unemployment rates are all part of an organization's _____ environment.
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economic
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Government agencies such as the Small Business Administration and the Federal Trade Commission help reduce the risk of starting and running a business. The result of these efforts leads to:
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free enterprise and fair competition.
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_____ provides information to businesses about where people live and their traits, such as race, gender, age, income, and education.
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Demography
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As competition has become truly global, free trade has resulted in _____ prices and _____ quality across virtually every product category.
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lower; higher
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Value is the relationship between the _____ of a product or service and the benefit that it offers its customers.
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price
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To be successful, entrepreneurs must be comfortable risking their money and _____ to start and manage a business.
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time
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The core goal of business is to generate long-term _____ by delivering _____ to their customers.
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profits; value
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Business will incur a _____ when expenses are higher than revenue.
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loss
