Chapter 5 Assesment

1. A business is the activities that involve production and marketing of a good or service.
2. The production and marketing of goods are the two primary functions of marketing. Both functions depend on management.
3. Businesses can be categorized in four ways; by size, profit organization, market served,  and the kind of product provided.
4. E-commerce is significant because it extends the marketplace to people's homes. The book says, "Sector growth that took a hundred or more years to build during the Industrial Age is being matched by e-commerce at a rate about 20 times faster in the "new economy" of the 21st century.