Business Basics
the process of running your own business
What is entrepreneurship?
Someone who creates a new product
What is an inventor?
An idea for a company, product or service
What is a business idea?
Morale principles that govern a person's behavior or the conduct of an activity
What are ethics?
someone who owns, operates, and takes the risk of a business venture.
What is an entrepreneur?
List 2 disadvantage of entrepreneurship.
What is entrepreneurship is risky, entrepreneurs face uncertain and irregular incomes, entrepreneurs work long hours, entrepreneurs must make all decisions by themselves?
A consumer problem, need or desire for which a business could provide a solution
What is a business opportunity?
When there is no or little competition, this exists.
What is a monopoly?
people who work for someone else
Who are employees?
List 2 advantages of entrepreneurship.
What is entrepreneurs are their own bosses, entrepreneurs can choose a business that interest them, entrepreneurs can be creative, entrepreneurs can make large sums of money.
A legal agreement for an individual to market a company's product or service
What is franchise?
To create fairness, the government encourages multiple companies to enter the same market what is this?
What is competition?
When money is exchange for a product, this forms what in a country
What is an economy?
FREE POINTS!!!!!
FREE POINTS!!!!!
Person in charge of Finance
CFO
Resource that could be used for starting a business.
SBA, Bank, investor
A growing GDP is the sign of what
What is a strong economy?
Name four parts of a business.
What is production, finance, marketing, and customer service?
What is the last stage of the business Cycle
Decline
What are demographics?