Business Ownership
This type of business has one owner who assumes all liability and responsibility.
What is sole proprietorship?
Term for total amount of income earned before deductions
What is gross income?
This term refers to the total value of goods and services produced by a country within a given period, often used as an indicator of economic health.
What is Gross Domestic Product (GDP)?
This is the amount of money consumers are willing to pay for a good or service.
What is demand?
This is a unique identifier, such as a name, symbol, or design, that distinguishes a product from competitors.
What is a brand?
This legal structure offers limited liability to its owners, who are called shareholders, and is most commonly used by large companies.
What is corporation?
This term describes money kept in a bank account, where it can grow with interest over time.
What is savings?
This is a market where only a few businesses manage the total percentage of sales.
What is an oligopoly?
This point on a supply and demand graph shows where quantity demanded equals quantity supplied.
What is equilibrium?
These four elements are the core of any marketing strategy, often called the "4 Ps."
What are Product, Price, Place, and Promotion?
This is a legal document that provides a person or business with the sole rights of making, using, and selling an invention.
What is patent?
This financial statement shows a company's revenues, expenses, and profits over a specific period.
What is an income statement?
What is a difference between the total imports and exports of a country called?
What is balance of trade?
This economic principle states that there are limited resources for unlimited wants.
What is scarcity?
This is the group of people that a business aims its marketing efforts at.
What is target market?
These are investors who provide capital to early-stage startups in exchange for ownership equity.
What are venture capitalists?
Term that defines how much money is moving in an out of a business during a specific period of time
What is cash flow?
This is the term for the fee placed on imports to make them more expensive compared to domestic goods.
What is tariff?
This is the term for a situation where the quantity supplied of a good exceeds the quantity demanded.
What is surplus?
This term refers to the range of all products that a company offers.
What is product mix?
This type of financing involves borrowing money that must be repaid with interest.
What is debt financing?
When must the original value of bonds be repaid
What is maturity date?
This economic policy involves reducing trade barriers and tariffs between countries.
What is free trade?
This is the term for a prolonged period of rising prices across the economy.
What is inflation?
This type of promotion involves short-term incentives like discounts, coupons, and buy-one-get-one offers.
What is sales promotion?