Ch 5 - Intro' to Business

The 4 basic types of businesses are:

• Extractors

• Manufacturers

• Human Resources

• Marketers

• Service businesses

Types of Extractors:

• Farmers & fisherman

• Shoe or Auto factory

• Both

• Neither

Manufacturers include:

• Miners

• Clothes factory

• Both

• Neither

Is Brunswick Academy a type of Service business?

• I don't know

• Maybe

• No

• Yes

The 7 activities performed by most businesses are:

• Generating ideas, Buying, Selling

• Managing Human Resources, Keeping records, Raising $, Producing goods/services

• Both A & B

• Neither A nor B

Jobs are created in our economy by the opening of new businesses

• True

• False

As of 1990, there were fewer than 2 million farms in the United States

• True

• False

What is custom manufacturing?

• Meets the needs of one customer

• the item is tailor-made

• a van for a paralyzed person

• All of the above

Mass production is:

• production of a large quantity of items

• meets the needs of many customers

• Both

• Neither

Specialization:

• Worker performs one job

• Professional focuses on several topics

• Both

• Neither