Companies that are customer-driven
1) Listen to their customers
2) Adjust their offerings accordingly
Jean's bicycle repair business has been operating at a loss for several months due to high inventory costs and low sales revenues. If she continues to operate at a loss, it is likely that Jean will have to...
close
Entrepreneurs take _________ because they know many small businesses fail every year
risks
the total amount of money a business takes in during a given period by selling goods and services
revenue
What is the definition of the standard of living?
The amount of goods and services people can buy with the money they have
Changes in the technological environment include the emergence of Information Technology that includes such tools as
cell phones, computers, and the Internet
The five _________ of __________ are land, labor, capital, entrepreneurship, and knowledge.
factors; production
The purposes of nonprofit organizations include
1) filling an educational need
2) filling a societal need
Demography is the statistical study of
the human population's characteristics such as size, density, age, gender, and income
What is it that entrepreneurs risk losing when they start a business?
Time and money
An intangible product such as health care is a
service
Which of the following products are classified as a service?
Life Insurance
Plane flight to Ireland
When Apple, Nike, and other companies contract with companies in other countries to manufacture their products or answer their call centers, it is known as
outsourcing
Businesses are part of a country'
...