Business 101
What is a business?
Any organization that sells goods or services in an attempt to earn profit.
How many people are in a sole proprietorship?
1 person
What is a traditional economy?
Based on customers
what is revenue?
COGS-Expenses=profit
What is a limited liability company?
Shields personal assets, good for growth, can have multiple owners
What is a command economy?
Government control
What is profit?
What is equilibrium?
A state of physical balance
What are the three ism's?
Capitalism, socialism, communism
What is non-profit?
All the money has to go back to the original business
What is the law of supply?
there is a direct connection through prices and balances.
What is an example of a traditional economy?
Indiginous tribes
What are the steps of design thinking?
Empathize, define, ideate, prototype, test
What is supply and demand?
Fundemental economic principals
What is an example of a command economy?
North Korea today