Entrepreneurship
A person who starts and runs their own business.
What is an entrepreneur?
The "P" in the marketing mix that involves advertising and sales.
promotion
the money a business earn from sales or services they provide
Four factors of production
Land, Entrepreneurship, Labor, Capital
A document that outlines a business's goals, target market, and financial plans
What is a business plan?
The specific group of customers a business wants to reach
Target Market
What is profit & how to calculate it?
Profit is the money a business keeps after paying for all its expenses.
Profit = Revenue – Expenses
Macroeconomics vs. Microeconomics
Macroeconomics - examines the economy as a whole rather than individual parts
Microeconomics - studies the behavior of individuals and firms in making decisions
The money a business has left after paying all expenses.
What is Profit?
A company asks 1,000 customers to complete a survey before launching a new product.
What is market research?
The side that represents the increase of assets, expenses, and drawings
The Debit side
What is scarcity?
A situation where the demand for a resource, product, or service is greater than the available supply
Instead of copying an existing product, an entrepreneur creates something completely new.
What is innovation?
A company selling luxury sports cars advertises in high-end magazines rather than children's TV channels because they understand this marketing concept.
Example of Target Audience
What are the 3 financial statements?
Balance Sheet, Income Statement, Cash Flow Statement
What is monopolistic competition?
A market structure featuring many companies selling products that are similar but not identical
This entrepreneurial trait is demonstrated when someone invests their savings into a brand-new business despite the possibility of failure.
Risk-taking
This logo helps customers instantly recognize companies like Nike or McDonald's.
What is a brand/logo?
Company ABC provides many services. They earned $24 000 for cleaning services, $5000 for tutoring services, and $1200 for snow removal services. During this month, they paid $1000 for utilities, $2500 for advertising, and $5000 for workers’ salaries. Calculate the net profit for Company ABC for this month.
$21 700
What is oligopoly?
A market structure in which a small number of large firms dominate an industry