Economics
The science of examining how goods and services are produced, sold, and used.
What are economics?
Abraham Maslow believed that people must fulfill their emotional needs before they fulfill any other needs or
wants.
What is false?
Includes the sources of start-up capital and future plans.
What are financial plans?
A large number of small businesses sell similar products at different prices
What is monopolistic competition?
To determine whether a product or service is worth pursuing, entrepreneurs should conduct a(n)______________________________ before starting the business.
What is a feasibility analysis?
System in which citizens have just enough to survive.
What is traditional economy?
When brainstorming, a key part is to consider one suggestion as the possible solution.
What is false?
Includes an analysis of the industry conditions, target market, and competition.
What is market evaluation?
A small number of large companies selling same or similar products
What is a Oligopoly?
The economic principle related the quantity of products or services available to meet consumer demand is called ______
What is supply and demand?
Both government and the private sector make decisions about providing goods and services.
What is a mixed economy?
A feasibility analysis is done a few months after a new business has started.
What is false?
Should only be two pages and provides an overview of the business.
What is an executive summary?
A large number of small businesses selling identical products for the same prices.
What is perfect competition?
Also referred to as a free enterprise system, a(n) ______________________________ economy allows privately owned business to operate and make a profit with limited government regulation.
What is a market?
Privately owned businesses operate to make a profit with limited government regulation.
What is a market economy?
Wholesalers usually sell directly to the consumers.
What is false?
Describes the organizational structure of the business.
What are operations?
How a market is organized, based on the number of businesses competing for sales in an industry.
What is a market Structure?
A written plan of action to ensure an appropriate and rapid response to a changing situation is a(n)
_____________________________
What is a contingency plan?
The government determines what goods are produced, how much is produced, and the prices.
What is a command economy?
The local chamber of commerce is a good source of information for small businesses.
What is true?
Includes the vision statement, mission statement, and the goals of the business.
What is a business description?
One business has complete control of a market’s entire supply of goods or services.
What is a monopoly?
The four functions of business are ______________________________, finance, marketing, and management.
What is production?