Business Essentials Unit 2

​Key Terms

Objective: Define the following terms.​

 A business that operates out of a physical facility (instead of online).

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ex: Target, Walmart, Schewels Furniture

Brick and Mortar

​A type of producer that constructs roads, bridges, buildings, houses, etc.

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​Builders

People who use goods and services to satisfy their wants.

Ex: Anyone who shops or spends money buying.

Consumers

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Retailers who operate solely online.

​Ex: Businesses who sell online.

E-tailers

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A type producer that changes the shapes or forms of materials so that they will be useful to consumers.

​Manufacturer

​The people who make or provide goods and services.

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​Producers

A type of producer that provides goods in their natural state.

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Ex: Corn, cotton or steel businesses.​

Raw-goods Producer

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A business that buys consumer goods or services and sells them to the ultimate consumer.

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Ex: Walmart, Kroger, JC Penny stores

Retailer

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​A type of business that performs intangible activities that satisfy the news and wants of consumers or industrial users.

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​Service business

The duty of business to contribute to the well-being of society.​

Ex: Giving back to foundations or doing blood drives.

Social Responsibility

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Businesses that buy and sell goods to others; retailers and wholesalers.

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Ex: Automobile dealers and wholesalers.

Trade Industries

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​Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers.

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​Wholesalers