Intro to Business Exam Review

For Profit Businesses seek to sell goods and services for the sake of making money

External Advantage

Internal Advantages

Goods are

Which step is "Choose Your Business Structure"

Internal Disadvantages

Macroeconomics is the study of individual parts of the economy.

Businesses are privately owned with little to no government interference

Government controls utilities and small markets while redistributing wealth for social projects

Which step is "Get Federal and State Tax ID Numbers"

Which step is "Write a Business Plan"

Natural Resources, Labor, Capital, Entrepreneurship, and Knowledge are called what

What is an organization that strives for profit by providing goods and services desired to its customers?

The quantity of a good or service businesses are willing to sellat any given price

Which step is "Apply for Permits and Licenses"

Which step is "Conduct Market research"

Which step is "Fund Your Business"

The quantity of a good or service people are willing to buy at any given price

Which step is "Register Your Business"

Total Market Value of all goods and services produced within a country's borders on an annual basis

Government owns the All or Most Businesses and controls all markets

Which step is "Pick Your Location"

Set of Moral standards for judging whether something is right or wrong

External Disadvantages

Which step is "Choose Your Business Name"