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2.01 Key Terms

Business Essentials

QuestionAnswer
Brick and Mortar A business that operates out of physical facility
Builders A type of producer that constructs roads, bridges, buildings, houses, etc.
E-tailers Retailers who operate solely online
Manufacturer A type of producer that changes the shapes or forms of materials so that they will be used to consumers.
Producers The people who make or provide goods and services
Raw-goods producer A type of producer that provides good in their natural state
Retailer A Business that buys consumer goods or services and sells them to the ultimate consumer
Service Business A type of business that preforms intangible activities that satisfy the needs and wants of consumers or industrial users
Social responsibility The duty of business to contribute to the well-being of society
Trade Industries Businesses that buy and sell goods to others; retailers and wholesalers
Wholesalers Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers
Created by: T. Tart
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