What is a Business?

A Business is a .............-making organization involved in the process of using inputs to produce goods and/ services.

Which skill is highly needed when you have to make a specific decision?

• Communication

• Critical thinking

Inputs are the resources that a business uses in the production process, such as: .................

• Taxes

• Raw material

• Services

• Labor

The word "product" is ONLY used to describe outputs of production which are (tangible) physical ?

• True

• False

Intangible products Such as: lawyers are called.............

• Goods

• Services

• Liabilities

Public transportation is an example of ...............

• Goods

• Services

• A distributor that sells fabrics to clothing manufacturers is considered...........

• B2B

• B2C

A clothing manufacturer who sells apparel and accessories to individuals is considered..........

• B2B

• B2C

Which of the following is an example of a B2C transaction?

• A retailer selling clothes to customers

• A wholesaler supplying products to a store

A business creates a customer by creating products that meet the needs and wants of customers.

• True

• False