Business Basics
An organization that produces or sells goods and services to satisfy customer wants and needs while earning a profit.
What is a business?
Essential items required for basic human survival, such as food, clean water, and shelter.
What are needs?
The total amount of money a business brings in from sales before any costs are subtracted.
What is revenue?
This law states that as the price of an item increases, the quantity supplied by sellers increases.
What is the Law of Supply?
This 2023 animated movie introduced audiences to the Spider-Verse versions of Miles Morales, Gwen Stacy, and Spider-Punk.
What is Spider-Man: Across the Spider-Verse?
Tangible, physical items that you can purchase and take home, such as a phone or groceries.
What is a good?
Items that enhance comfort or fun but are not necessary for survival, such as video games or streaming subscriptions.
What are wants?
The total costs spent to produce a product or run a business.
What are expenses?
This law states that as the price of an item increases, the quantity demanded by buyers decreases.
What is the Law of Demand?
In Inside Out 2, this new emotion takes over Riley's mind as she enters her teenage years and begins worrying about how others perceive her.
What is Anxiety?
An activity or action performed for someone else, such as car repair, tutoring, or a haircut.
What is a service?
The economic concept describing the fact that human wants are unlimited, but resources to satisfy them are limited.
What is scarcity?
The financial outcome when total revenue is greater than total expenses.
What is profit?
The market condition that occurs when the quantity supplied is greater than the quantity demanded.
What is a surplus?
In Stranger Things, this character has telekinetic powers and is known by the number she was given while being experimented on at Hawkins Lab.
Who is Eleven?
The primary financial goal of every private business when selling products or services.
What is to make a profit?
The value of the next best alternative that you give up when you make a spending choice.
What is opportunity cost?
A track team sells 80 brownies at $1.00 each ($80 revenue) and spent $65 on ingredients. This is their exact profit.
What is $15?
The market condition that occurs when quantity demanded exceeds quantity supplied, such as a limited sneaker release selling out instantly.
What is a shortage?
This social media platform was originally launched in 2016 under the name Musical.ly before being merged into the app that became globally dominant for short-form video.
What is TikTok?
The two fundamental output categories that any business provides to its customers.
What are goods and services?
Because resources are limited, consumers and businesses must continuously make these to prioritize needs over wants.
What are trade-offs (or choices)?
The mathematical outcome when total expenses exceed total revenue.
What is a loss?
The point where the market supply curve and demand curve intersect, balancing buyers and sellers.
What is market equilibrium?
This Buffalo rapper, member of the Griselda collective, released the album Tana Talk 3 and is known for songs like “Johnny P’s Caddy.”
Who is Benny the Butcher?