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Chapter 6: The Private Enterprise Environment
Vocabulary
12
Business
11th Grade
02/09/2012

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Term
Wholesaler
Definition
A business that sells products to other businesses.
Term
Retailer
Definition
A business that sells goods directly to the consumer, the final buyer of goods.
Term
Monopoly
Definition
This happens when a firm is the only seller of a particular product.
Term
Raw Goods
Definition
These are gathered in their original state from natural resources.
Term
Processed Goods
Definition
These are goods made from raw goods that may require further processing.
Term
Producers
Definition
These businesses create or gather products for distribution.
Term
Service Business
Definition
A business that provides services instead of goods to consumers.
Term
Manufacturers
Definition
A business that turns raw or processed goods into finished goods.
Term
Processors
Definition
A business that turns natural materials into more finished forms.
Term
Intermediary
Definition
A business that moves goods from one business to another is a(n)______________.
Term
Finished Goods
Definition
Goods that require no further processing and are ready for the market are called ___________ _____________.
Term
Non-price Competition
Definition
Is based on a product's features and not its price.
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