Ch. 5: Businesses in Our Economy (BT21)

An oil refinery is an example of a service business

• True

• False

A business starts with a new idea for a product or service.

• True

• False

New businesses have a strong need for capital, but growing, established businesses do not.

• True

• False

Most businesses in the United States operate as partnerships.

• True

• False

Many marketing activities begin before a product is produced and ready to sell.

• True

• False

A business that does things for you instead of making or marketing a product.

• marketer

• service business

• manufacturer

• extractor

Extractors grow or take _______ from nature.

• processed products

• raw materials

• steel

• human resources

The change in form of materials so that they may be consumed or used to manufacture other goods.

• processing

• custom manufacturing

• extracting

• marketing

When a large number of identical products are assembled efficiently as a form of manufacturing

• processing

• custom manufacturing

• mass production

• marketing

The first step in starting a successful business.

• Get funding

• Generating Business

• Generating Ideas

• Generating Profit