Economics Essentials
What is perfect competition?
This type of market exists when many buyers and sellers compete with identical products.
What is the dollar?
This is the official currency of the United States.
What is the CEO?
The person who leads a company is usually called this.
What is a revenue?
This term refers to the money a business brings in before expenses.
What is a logo?
This term refers to a company’s symbol or design that identifies its products.
What is inflation?
This term describes the rise in general price levels over time.
What is interest?
A fee paid for borrowing money is called this.
What is a stand-up meeting?
This type of meeting is brief, usually held standing up, and often used by teams.
What is a Limited Liability Company?
An LLC is a type of business structure whose initials stand for this.
What is a demographic?
“Target audience” refers to the group a company most wants to reach, also called this.
What is a trade surplus?
When a country sells more goods abroad than it buys, it has this kind of trade balance.
What are stocks?
A company sells these shares, representing ownership, on the stock market.
What is a salary?
Employees are often paid this fixed amount each year.
What is Return on Investment?
This “rate of return” metric, abbreviated ROI, measures what you get back from an investment.
What is word-of-mouth marketing?
This strategy uses personal recommendations to market products.
What is the business cycle?
This economic indicator measures the unemployment rate, inflation, and GDP to evaluate overall performance.
What are stock exchanges?
The NASDAQ and the NYSE are examples of these.
What is Kaizen?
This management strategy uses small groups to improve efficiency and quality, pioneered in Japan.
What is a monopoly?
This kind of market structure has only one seller dominating an entire industry.
What is a slogan?
A recognizable phrase like Nike’s “Just Do It” is called this.
What is diminishing marginal utility?
This principle states that each additional unit of a product gives less added satisfaction to the consumer.
What is GDP (Gross Domestic Product)?
This term refers to the total value of all goods and services produced in a country.
What is corporate culture?
This term refers to a company’s shared values, beliefs, and work environment.
What is a balance sheet?
This financial statement shows a company’s assets, liabilities, and equity at a specific point in time.
What is price?
This “P” of marketing refers to how much a company charges for its product.