Entrepreneurship- Chapter 2 Review

Four forms of operational activities that play necessary roles in running a business

• business functions

• business model

• market research

• assets

the financial gain calculated by the difference between the amount earned and amount spent by a business

• profit

• net worth

• assets

• expenses

the amount of goods that are available to consumers

• supply

• demand

• assets

• profit

the amount of goods that consumers want

• supply

• demand

• assets

• profit

the total value of a business determined by assets minus liabilities

• net worth

• assets

• profits

• supply

What a business owes

• assets

• liabilities

• net worth

• profit

the process of gathering qualitative and quantitative data about consumers' needs and wants

• market research

• supply

• business functions

• business model

the science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

• economics

• business functions

• business model

• market research

the performance of a particular task in exchange for money

• service

• good

• asset

• supply

A company's plan for making a profit

• business model

• business functions

• market research

• economics