Definitions
You’re starting your own small business and need to understand customer needs to make decisions. You gather information from various sources to help you plan your next steps.
Marketing Research
the percentage charged by lenders for borrowing money.
Interest rate
You’re observing a group of customers in your store to see how they react to a new product. You write down their behavior without interfering.
Observation method
The economy has reached its lowest point. Unemployment is at its peak, and many businesses are struggling.
What is a Trough?
A legal entity that is separate from its owners, typically owned by shareholders.
What is a Corporation?
A drop in the economy lasting for less than six months, marked by high inflation and
Recession
This term refers to the ability to repay a loan, often determined by your credit score.
Creditworthiness
You’re conducting interviews with a small group of people to understand their thoughts on a new product, focusing on their feelings, experiences, and opinions.
Qualitative Research
Your business is doing well. The economy is growing, people are spending more, and employment is up.
What is an Expansion?
The total value of goods and services produced in a country over a period of time.
Gross Domestic Product (GDP)
This is a business owned by a single person, with full control and responsibility.
Sole Proprietor
Highest credit score you can have?
850
A group of 10 people sit down to discuss a new ad campaign for your product. They share their views and give feedback, which will guide your next marketing moves.
Focus group
You run a business that is completely independent of the government. You make decisions based on market demand, not government control.
What is the Private Sector?
This term refers to the process of planning, promoting, and selling products or services.
What is Marketing?
money raised by a company in exchange for ownership shares.
Equity
A person or institution that lends money or extends credit.
Creditor
You’re working on a project and need specific data that was collected directly for this study. You go out and collect it yourself.
Primary Data
Sales are declining, and your business is facing lower profits. The economy is slowing down, and you're worried about entering a recession.
What is a Contraction?
This is the amount of money a business makes after expenses, taxes, and costs are deducted.
Profit
You’re taking out a loan to buy a new car. The bank asks you to use your home as security to ensure repayment in case you default.What is this called?
Collateral
This is the amount of wealth someone has, calculated by subtracting liabilities from assets.
Net worth
You’re analyzing data that was collected in the past for a different purpose but can still help you with your current research.
What is Secondary Data?
Your business is at its peak. Demand for your product is high, and sales are booming. You’ve never seen such a good quarter!
What is a Peak?
The study of the economy and how different sectors interact, including business, government, and consumers.
What is Economics?