Unit 3 Entrepreneurship and Business Basics

In terms of business, the creation of something new...

Developing a new no touch door handle for school doors would be an example of process innovation

Money used to start a business.

Buys goods in large quantities and resells them in smaller batches; referred to as intermediaries or middlemen

Hiring people to work at a company is

converts materials into goods suitable for use and then sells those goods to others.

provide a wide variety of professional, technical, and everyday services that people need and want

A retail business that has an actual physical location or store that consumers can visit and shop in

to express an idea to someone else in a way that they understand your message

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

Developing a thinner, lighter weight quality lens to go in a pair of glasses would be an example of product innovation

The possibility of loss

a person who organizes and operates a business taking on greater than normal financial risks in order to do so.

A ________buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers.

Developing a faster way to deliver a product would be an example of product innovation

An agreement to protect a business from specific risks in exchange for regular payments