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Unit 3: Chapter 14

In business, competition is very common. Businesses that offer similar products or services will naturally generate competition. Competition is often beneficial to the customer, as businesses will lower their prices in order to win over customers. Customers will usually buy from the cheapest source, as long as the quality is similar. This will often create a loop of businesses lowering prices as much as possible in order to try to beat the competition. The money lost from selling a cheaper product can usually be made up by the volume of sales. Another way a business can get the upper hand is through innovation. The latest advancements in technology can make a product better. Innovation can also make a product cheaper to produce, allowing for a product to be priced lower than the competition. Competition in business is generally good for the consumer, but causes businesses to have to work harder.

Competition between businesses isn’t the only type of competition, sometimes there is competition between consumers. When a business has a low supply of a product that many people want, consumers will compete for a chance to buy one. Competition between consumers has the opposite effect of competition between businesses, and allows businesses to increase their prices. Competition between consumers is usually bad for the consumer, but good for businesses.

When choosing the price of a product or service, a business has to be careful. If the price is too high, not enough people will be willing to pay. If the price is too low, the profit margins may not be enough to sustain the business. Every business has operating expenses, which are how much money it costs just to run a business. In order to make a profit, a business has to make more money than is required to pay off these expenses. Making a profit is one of the most important things in a business. If a business is unable to make a profit, then it is likely going to fail. Profit is what allows businesses to grow and experiment with new things. In the end, it is up to the business to do whatever they want with their profit.

Unit 3: Chapter 14

In business, competition is very common. Businesses that offer similar products or services will naturally generate competition. Competition is often beneficial to the customer, as

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Unit 3: Chapter 13

Competition is present in almost every business. Competitors are other businesses, often with similar products or services, which are trying to acquire customers from your

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Unit 3: Chapter 12

At the most basic level, a business exists to supply services or products to meet customer demand. Supply is the number of products or services

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Unit 3: Chapter 11

Economics is a word that is used a lot in business, but what does it really mean? Simply speaking, economics is the transfer of goods,

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Unit 2: Chapter 10

It is no secret that businesses must make tough decisions. When it comes to widening the reach of your business, data can help ensure the

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Unit 2: Chapter 9

When starting a business, it is important to research the market you plan to go into. A market is a group of potential customers who

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Unit 2: Chapter 8

Coming up with an idea can be a difficult step in creating a business. Coming up with ideas for a business relies on critical thinking

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Unit 1: Chapter 7

In business, learning when to take opportunities is very important. Committing time, resources, and money to an opportunity is risky, but as previously discussed, risks

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Unit 1: Chapter 5

It is important for a business to be ethical. Everyone’s idea of ethics is different, however, so a business should have an idea of what

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Unit 1: Chapter 4

Being a good entrepreneur isn’t just about making money. Good entrepreneurs solve problems. You need to make money to solve problems, and you need to

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Unit 1: Chapter 2

What makes an entrepreneur successful? The answer to this question will vary based upon who you ask. It’s a difficult question to answer, so let’s

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Unit 1: Chapter 1

A large part of being an entrepreneur is recognizing a problem that many people face, and identifying a marketable solution. This is most often an

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