MD Chapter 3 Business Basics NEW

Entity that exists to serve some public purpose.

The process of controlling and making decisions about a business.

Any activity related to making a product.

Money earned for working.

Federal agency that was created to protect consumers and promote business competition.

Anything of value that is accepted in return for goods and services.

Activities involved in developing and exchanging goods and services

Promote fair trade, open markets, and competition among businesses

Personal selling done over the telephone.

Money used in exchange for goods and services

The idea that money is worth more today than would be in the future.

Overstating the features and benefits of products or services or making false claims about them.

Advertising message that a person, business, or other organization is paid by another party to give

A business owned by one person (70% of all businesses in the US)

Type of producer that uses raw materials from other producers and converts them into finished goods.

Occurs when one business has complete control of a market's entire supply of goods or services.

An item that can be saved, or stored, and used at a later date while holding its value.

Business that is legally separate from its owners and has most of the legal rights of an actual person.

The relationship between two or more people who join to create a business.

A common measure of what something is worth or what something costs.

Financial plan for a fixed period of time

U.S. department enforces workplace laws and regulations.

Federal agency investigates workplace accidents.

Legal process that allows a company to reorganize or go out of business when it runs out of funding.

The exchange of one good or service for another good or service.