Business Essentials Exam Review Vocab Obj 1-3

The possibility of loss or gain inherent in conducting business

A person whose behavior is imitated by others

The duty of business to contribute to the well-being of society

Economic principle-The supply of a good will increase when demand is great and decrease when demand is low

Quantity of goods or services that sellers are able/willing to offer for sale at a specified price at a given time

A type of producer that provides goods in their natural state

A business that buys consumer goods or services and sells them to the ultimate consumer

All activities a business engages in to interact with its customers

Process of planning, controlling, and organizing an organization or department

Adapting to the environment in advance of the occurrence of events rather than reacting

Rivalry between or among businesses that offer dissimilar goods or services

Standards that govern behavior; not dependent on circumstance.

A market structure in which there are relatively few sellers and industry leaders usually determine prices

Process of creating, communicating, delivering and exchanging offerings that have value for customers

A business that operates out of a physical facility (instead of online)

Reliable; deserving the confidence of others

Risk-response strategy that involves moving the impact of a risk to someone or something else

The situation that exists when demand is greater than supply

A business that employs 500 or fewer people

The process or activity of using goods and services