Review

A detailed plan including the strategies planned to achieve the profit goals is called____

• Business Plan

• Cost

• Document

• Profit

Amount of money spent to buy goods and services for yourself or your business.

• Opportunity

• Profit

• Price

• Cost

Things that you can buy or sell that you can touch or see is called _____.

• Product

• Opportunity

• Service

• Taget Market

The group of people the business targets to sell for are called___

• Product

• Target Market

• Price

• Business plan

The study of the most-likely consumers for particular products

• Needs

• Resources

• Wants

• Market research

Something that is absolutely essential is called a want

• True

• False

A situation, condition, chance or prospect for advancement, success, or to attain a goal.

• Opportunity

• Need

• Cost

• Market research

Money or any property that can be converted to money used to produce goods and services

• Goods

• Services

• Needs

• Resources

Resources like land, labor, capital and entrepreneurship used in production are called ______

• Four Factors of Production

• Target Market

• need

• Profit margin

Meeting a need with words or actions instead of tangible products is called____