Intro 2 Business: Production

What is the market place?

• A place that sells vegetables

• A boutique

• A place or process where buyers and sellers meet to trade

• A group

What are the two forms of market?

• Physical form and e-commerce

• Air and

  Water

• Fruit Market and Fish Market

Customers are people or organizations that

• Buy a product

• Sell a product

• Review products

• Create ideas

What are three types of products?

What is added value?

What are (3) types of products?

• Consumer Goods:

  Gadgets

  Capital Goods:

  Machinery

  Services:

  Teaching

• Polish

  Machine

  Tools

• Trees

  Animals

  Water

What is Opportunity Cost?

Why does a business/organization need a vision and a mission?

What is a mission statement?

What are (2) things a good vision should have?