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Chapter 1: Business Now

Nonprofit organizations are not in the business of:
financial gain
Timber, water, coal deposits, and solar energy are classified as:
natural resources
The stock market, housing foreclosures, and unemployment rates are all part of an organization’s _____ environment.
economic
Government agencies such as the Small Business Administration and the Federal Trade Commission help reduce the risk of starting and running a business. The result of these efforts leads to:
free enterprise and fair competition.
_____ provides information to businesses about where people live and their traits, such as race, gender, age, income, and education.
Demography
As competition has become truly global, free trade has resulted in _____ prices and _____ quality across virtually every product category.
lower; higher
Value is the relationship between the _____ of a product or service and the benefit that it offers its customers.
price
To be successful, entrepreneurs must be comfortable risking their money and _____ to start and manage a business.
time
The core goal of business is to generate long-term _____ by delivering _____ to their customers.
profits; value
Business will incur a _____ when expenses are higher than revenue.
loss

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