BBI TERMINOLOGY REVIEW FOR CHAPTERS 1 & 2
The production and/or sale of goods and/or services to satisfy the
needs and wants of consumers
Equipment, a building, or money that is used to produce goods and
A situation in which
Worksheet: Jigsaw Activity
TYPES OF BUSINESSES
The Business Survey
Group yourselves into groups of THREE students. Ask the following questions of ALL members of
your group. If one of the items applies to a person, record that persons initials on the appropriate
line. Tally up the totals initia
International Business Structures (p. 62)
Benefits to Business
Chapter Notes: Starting a Business
Read Starting a Business, p. 15-22 in your textbook, and answer the following questions.
1. List four characteristics required of an entrepreneur.
2. When planning a new business, what factors need to be considere
CHAPTER 1 BUSINESS DEFINITIONS
The production and/or sale of goods and/or services to satisfy the needs and wants of consumers
A resource used to produce goods/services; examples: equipment, building, money
Activity: Strategic Alliances
The term strategic alliance is used to describe an agreement between businesses to commit resources to achieve
a common set of objectives.
1. Using your group members knowledge and the Internet, explain how each
Activity: Characteristics of Business Ownership
Owner receives all of the
profits and is responsible
for all debts.
Operated by two or more
people who share costs
The easiest type of
business to start and
Chapter Questions: Economic Resources (a.k.a
Read Economic Resources, p. 22-23 in your textbook, and provide several examples of each type of
Raw materials from the
earth, water, or air.
A product that has become obsolete has experienced a decline in its value brought about by an
introduction of new technology or changes in demand. As technology changes, new products
replace existing ones. This process is ong
Preparation for the film.
of ethics, code of
ethics, values and
A Documentary by Mark Achbar, Jennifer Abbott and Joel Bakan
(Preparation for the film)
1. Read pp. 75-79 in the text (The World of Business) and define:
Code of ethics
2. What values are ethical behaviour based on?
3. What q