Entrepreneur Vocab
What is an entrepreneur?
A person who creates a business that solves a problem
Is food a need or a want?
A need
What is economic literacy?
Learning how money works and how to make smart financial decisions
What is a service?
What a business does for someone; hair salon, car wash
What is pricing?
The amount charged for a product
What is a product?
Something a business makes or sells
Name two examples of wants
video games, candy, toys, etc
In your own words, what is a budget?
A plan for how to use money
Name two slogans and their brands
Nike/Just Do It
McDonald's/I'm Lovin' It
What is profit?
Money left after paying for supplies
What is a customer?
A person who buys from a business
Define a NEED and give an example
Something you must have to live safely; food, water, shelter
In your own words, what does saving money mean?
Keeping money for future needs or goals
What is a company name and why does it matter?
The name of a business; helps people recognize it
Bracelet sells for $5, costs $2 to make, what's the profit?
$3
What is a slogan?
A short catchy phrase
Example "Just Do It"
Friend wants the latest sneakers AND lunch money — which is a need?
Lunch = need, sneakers = want
You have $10, spend $3, save $4, how much money do you have left?
$3
Rihanna started Fenty Beauty to solve a problem
An entrepreneur
Slime sells for $4, costs $2 — what is the profit?
$2
What is a mission statement?
Explains the purpose of a business
True or False
candy is a need because it makes you happy
False
Name the 4 S's of smart money
Saving, Spending, Sharing, Budgeting
A team sells candles and slime at a pop-up. Are these a product or service?
Products
Why is charging too much a problem?
Customers will shop somewhere else