Entrepreneurship
An individual who starts, manages, and takes on the risks of a business in the hope of making a profit.
What is an entrepreneur?
The two categories of communication used in marketing.
What are verbal and non-verbal communication?
Resources are limited but wants are unlimited.
What is the economic problem?
The market value of all final goods and services produced in a nation in a given year.
What is GDP?
Tangible items produced for consumption versus intangible actions performed for consumers.
What is the difference between goods and services?
Innovative, risk-taking, networker, determined, resourceful or knowledgeable—any of these is one.
What is one characteristic of entrepreneurs?
Product, price, place, and promotion comprise these four elements of marketing.
What are the four Ps of marketing?
The value of what you forgo when choosing one option over another.
What is opportunity cost?
The country is producing more and people are spending more, so the economy is growing.
What does an increase in GDP indicate?
A business owned and operated by one person.
What is a sole trader?
They create jobs, improve quality of life, and boost the economy.
How do entrepreneurs benefit society?
A specific group of consumers that a business aims its product at.
What is a target market?
Land, labour, capital, and enterprise are these four economic resources.
What are the four factors of production?
Economic downturn, business closures, technological change, or more people entering the workforce are examples of this.
What are reasons why unemployment might rise?
A business owned and operated by two or more people.
What is a partnership?
New ideas, technologies or methods that improve goods and services or solve problems.
What is innovation?
Kids under 12 for toys, teens for fashion, or young professionals for tech products.
What is an example of a target market?
A general increase in the price of goods and services in an economy.
What is inflation?
A pattern of expansion and contraction in an economy, moving through periods of growth and decline.
What is the business cycle?
Full control and retention of all profits is one advantage of this type of business ownership.
What is an advantage of being a sole trader?
Encouraging new ideas and improvements to goods and services fosters economic growth and better living standards.
How does a culture of innovation benefit the economy?
It persuades, informs, or reminds consumers about a product, making it a vital element of the marketing mix.
Why is promotion important in the marketing mix?
When prices rise, money buys less, reducing consumers' purchasing power.
How does inflation affect consumers?
Lowering interest rates, cutting taxes, or increasing government spending to encourage economic growth and reduce unemployment.
What can the government do to reduce unemployment?
Shared responsibility can lead to disagreements, and profits must be split—these are disadvantages of this type of business ownership.
What is a disadvantage of a partnership?