COMPETITION IN BUSINESS

Competition is always good

• true

• false

What is competitiveness?

• It is when you are happy

• It is when you want to win or do better than someone

• When you get mad at your best friend :(

• When you want something from the store

Someone who creates their own business is called a(n)...

• Entrepreneur
• Billionaire
• Investor
• Stock Holder

What is the term for all activities involved in developing and exchanging products?

• Corporation

• Economics

• Entrepreneurship

• Business

An organized way in which a nation chooses to use its resources to create goods and services.

• Competition

• Standard of Living

• Capitalism

• Economic System

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

a business plan 

• is useful once your business is operational but not much help during the startup phase
• is not usually needed to secure financing in your business
• can serve as a tool for managing your business once it is up and running
• All of the above

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business

• All of the above