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Chapter 5 Business In Our Economy

Define Manufacturer

Takes the extractor products or raw materials and changes them into a form that consumers can use.

Explain buying goods and services

Businesses buy goods and services both for resale and for their own use.

Define mass production

A Large number of identical products are assembled using a continvuous, efficient procedure.

3 ways of keeping records

1. Determining whether a business is making or losing money.

2. Providing information for management decisions, and.

3. Supplying data for a variety of government reports, including tax forms.

Producing goods and services

The good or service must be produced at the scheduled time, in the appropriate quantity and quality, and at competitive cost in order for the firm to stay in business.

Whats marketing goods and services

Many marketing activites occur before a product is produced and ready for distribution and sale.

Define custom manufacturing

Products ranging from golf courses to dentures are specifically developed to meet particular design standards.

Define processing

Changes the form of materials so they can be consumed or used to manfacture other products

What impact does a new business have on a community ?

More jobs and more income in the community.

What activities are involved in human resource management ?

A knowledge of equal opportunity laws, health and safety regulations.

What kind of money do you need to raise capital?

You need start up money its critical and must be found to start the business.

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