Intro To Business Flashcards

Extractor

Businesses that take resources from nature, such as mining, fishing, and agriculture.

Manufacturer

Businesses that produce goods by converting raw materials into finished products, like car manufacturers or food processors.

Marketer

Businesses that sell and promote products or services, such as retail stores or advertising companies.

Service Business

Businesses that provide intangible services, like banks, salons, or educational institutions.

Sole Proprietorship

A business owned by one person. Advantages: Easy to start, owner has complete control. Disadvantages: Unlimited liability, limited capital.

Partnership

A business owned by two or more people. Advantages: Shared skills, more capital. Disadvantages: Shared liability, potential for conflict.

Corporation

A legal entity separate from its owners. Advantages: Limited liability, easier to raise capital. Disadvantages: Complex to start, double taxation.

Limited Liability Corporation (LLC)

A business structure that offers limited liability to its owners while allowing for pass-through taxation. Advantages: Limited liability, flexible management. Disadvantages: More paperwork than a sole proprietorship or partnership, self-employment taxes.

Marketing Concept

A business philosophy where the focus is on identifying and meeting the needs and wants of customers better than competitors.

Target Market

A specific group of consumers that a company aims to reach with its products or services.