GEOG 201 Chapter : Geog201 Chap8 Study Questions
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Know the different types of business owners (founder, franchiser, etc. ) Founder- people who create or start a new business. Heir- person who becomes an owner through in heritance or being given a stake in a family business. Franchise-people who buy, rent or lease a prepackaged business from a franchiser. It is most effective when it is cost effective and least expensive to establish. You need to make something high tech to make money. 70% of all new businesses fail within 2 years. Boundary- something that set it up as a firm and sets it off from the buying or selling business name or government registration location. Exchange- moving resources, goods, or other services in exchange for money or resources. Understand how ethical behavior affects relationship with others. Ethical dilemma- person"s values are in conflict, making it unclear whether a decision we"re thinking about making is right or wrong. Loss of customers, gov"t fines and penalties and loss of reputation.
