Economics
Economics is the study of
The marketing mix can also be referred to as the...
The 4 P's
This type of financing involves getting a loan from a bank
Debt Financing
What is the first step in the entrepreneurial process?
A/An_____________is an individual who undertakes the creation, organization, and ownership of a business
Entrepreneur
Every output needs inputs. In economics, we call these inputs the Factors of Production. Name two of them for 200 or all four for 300
Land, Labor, Capital, and Entrepreneurial
The process of burning an image into the consumer's mind. I utilize slogans, logos, mascots, and spokespeople to do so.
Branding
These type of costs change with how much a business produces
Variable Costs
This statement outlines why an organization exists or what the purpose of that business is.
Mission Statement
A/An___________ is a new business undertaking that involves risk.
Venture
Every time you make a decision, you are giving something else up. What is this cost called in economics?
Opportunity Cost
This element of customer segmentation is used to break down a market based on variables such as age, gender, and income
Demographics
This type of financing involves selling ownership of your business in exchange for money
Equity Financing
Name 4 out of the 7 S's in the McKinsey 7-S Framework.
Shared Values, Strategy, Structure, Systems, Style, Staff, & Skills
What does SWOT Analysis stand for?
Strengths, Weaknesses, Opportunities, & Threats
When demand is high and supply is low, consumers experience a ______
Shortage
Name the four elements of the Marketing Mix
Product, Price, Place, & Promotion
This is all the money left after the expenses of running a business have been deducted from the income.
Profit
I am a manager that likes control over every decision. Sometimes my employees think I micro-mange them, but I like things done my way. What kind of leadership style am I using?
Autocratic
This type of entrepreneurship is focused on having a positive impact on the community or society
Social Entrepreneurship
Supply relates to ______, and demand relates to _____.
Supply relates to sellers, and demand relates to buyers.
This element of customer segmentation is used to break down a market based on customer's attitudes, interests, and values
Psychographics
What is the break-even point formula?
Fixed Costs / (Price - Variable Costs) = Break-even Point
I let my employees make their choices of how they like to work. I don't care if they work in person or at home, as long they get their work done. What kind of leadership style am I practicing?
Laissez Faire
Someone who acts as an entrepreneur within a company
Intrapreneur