Economics Basics
What is how prices are set in a market?
The relationship between supply and demand determines price
What is profit?
Money made after costs are subtracted
What is a sole proprietorship?
A business owned by one person
What is advertising?
Promoting a product to customers
What is an entrepreneur?
A person who starts a business
What is scarcity?
Limited availability of resources
What is revenue?
Money a business earns
What is a partnership?
A business owned by two or more people
What is branding?
The identity of a company
What is a startup?
A new business
What is opportunity cost?
The cost of the next best alternative
What is a budget?
A plan for managing money
What is a corporation?
A company legally separate from its owners
What is a target market?
The group of people a product is aimed at
What is a business plan?
A document describing a business idea and plan
What is equilibrium?
When supply equals demand
What is cost?
Money spent to run a business
What is a franchise?
A business model where you buy rights to operate
What is market research?
Collecting information about customers and competitors
What is innovation?
Creating new ideas or products
What is supply?
Quantity of a product available
What is investment?
Money put into something to gain future profit
What is a non-profit organization?
A business that exists to help society, not profit
What is promotion?
Activities used to increase sales
What is risk-taking?
Taking chances that could lead to loss or gain