2. Types of Businesses Service Business – Doing something for other businesses or consumers Retail Business – Sells goods; buys items from a producers, resells then to a consumer Not-For-Profit – Meets specific community needs Manufacturing Business – Produces products from raw materials

3. Web Businesses E-Commerce – Electronic Commerce; shopping with Internet access Domain Name – Internet address Website Hits – The number of people who visit the website See p. 55 for growth of websites; as of June 2013, 4.72 Billion sites

4. Business Terms GDP – Gross Domestic Product; the total dollar value of all goods and services produced in a country, in one year Debt Financing – Borrowing money to run a business Equity Financing – Using your or inventors savings to run a business Forecasting – Determining (estimating) how much you will need to run your business Revenue – The amount of money gained from the sale of a product or service