Extractive Enterprises

These grow products or take raw materials from where they are found in nature.

Manufacturing Businesses

These take raw materials and change them into a form that consumers can use.

These buy goods from extractive or manufacturing enterprises and sell them to other businesses.

These buy products from wholesalers, manufacturers, or extractive enterprises and sell them to customers.

Over-the-Counter Retailing

This involves having a store where customers come to shop and buy what they want form the retailer's stock.

Customers see the goods they wan in catalogs or advertisements.

The salesperson goes to the home of the consumer with products or samples.

Vending Machine Retailing

The customer deposits money in a machine and receives the goods immediately.

International Business

The transacting of business and commercial activity across national boundaries.

Multinational Corporation

A business enterprise that has significant operation in several countries.

The sale and shipping of products manufactured in one country to customers in another country.

Involves buying products in another country and bringing them into one's own country.

Through an arrangement, a foreign firm obtains the rights to make and sell the product in its country and pay a percentage of each sale to the original company.

When an enterprise goes out of business for any reason.

The owners close the businesses because they wish to do something else.

A business closing its doors and owing money to at least one creditor.

Assuming Responsibility

Making sacrifices for the enterprise.

An establishment that supplies us with products and services in exchange for payment.

Tangible items - things you can touch such as clothing, furniture, and cosmetics.

Tasks we pay other to do or provide for us.

A person who attempts to earn a profit by Taking the risk of operating a business enterprise.

The act or process of getting into and managing your own business enterprise.

Involves seeing to it that the day-to-day tasks are performed appropriately.

The process of gathering the money, people, and machinery needed to get the business started.

A business that is independently owned and operated and is not one of the major companies in its field of business activity.

Small Business Management

The process of operating a small business.

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HLWW LL Ch. 1 Vocab

Vocabulary for Chapter 1 -- Laker Locker

Term	Definition
Extractive Enterprises	These grow products or take raw materials from where they are found in nature.
Manufacturing Businesses	These take raw materials and change them into a form that consumers can use.
Wholesalers	These buy goods from extractive or manufacturing enterprises and sell them to other businesses.
Retailers	These buy products from wholesalers, manufacturers, or extractive enterprises and sell them to customers.
Over-the-Counter Retailing	This involves having a store where customers come to shop and buy what they want form the retailer's stock.
Mail-Order Retailing	Customers see the goods they wan in catalogs or advertisements.
Direct Retailing	The salesperson goes to the home of the consumer with products or samples.
Vending Machine Retailing	The customer deposits money in a machine and receives the goods immediately.
International Business	The transacting of business and commercial activity across national boundaries.
Multinational Corporation	A business enterprise that has significant operation in several countries.
Exporting	The sale and shipping of products manufactured in one country to customers in another country.
Importing	Involves buying products in another country and bringing them into one's own country.
Licensing	Through an arrangement, a foreign firm obtains the rights to make and sell the product in its country and pay a percentage of each sale to the original company.
Business Closure	When an enterprise goes out of business for any reason.
Voluntary Closures	The owners close the businesses because they wish to do something else.
Business Failure	A business closing its doors and owing money to at least one creditor.
Assuming Responsibility	Making sacrifices for the enterprise.
Business Enterprise	An establishment that supplies us with products and services in exchange for payment.
Goods	Tangible items - things you can touch such as clothing, furniture, and cosmetics.
Services	Tasks we pay other to do or provide for us.
Entrepreneur	A person who attempts to earn a profit by Taking the risk of operating a business enterprise.
Entrepreneurship	The act or process of getting into and managing your own business enterprise.
Managing	Involves seeing to it that the day-to-day tasks are performed appropriately.
Organizing	The process of gathering the money, people, and machinery needed to get the business started.
Small Business	A business that is independently owned and operated and is not one of the major companies in its field of business activity.
Small Business Management	The process of operating a small business.

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