the nature of business

Competition can be a strong motivator for business success

• True

• False

In a capitalist society, competition doesn't lead businesses to innovate and take risks

• True

• False

The difference between what it costs to make and sell a product and what a customer pays for it.

• Cost

• Profit

• Information

What does "within legal limits"

• Abading by law

• To make profit

• To develop produccts and services

Organizations that don´t have the fundamental purpose of earning profits, although they may provide goods or services

• Non profits

• Corporations

• Franchises

• MNC´s

A business also needs ___________________expertise to learn what  products consumers need and want and to develop, manufacture, price, promote, and distribute those products.

To earn a profit, a person or organization needs management___________________ to plan, organize, and  control the activities of the business

• skills

• Information

• documents

 

Groups have interest in the success and outcomes of a business

• Stakeholders

• Government

• Stockholders

• Shareholders

_____________have to put up resources—money or credit—to start a business

• Owners

• Customers

• Employees

______________are responsible for the work that goes on within a business.

• Owners

• Employees

• Customers