Economics
What drives an economy?
Wants and needs
What are demographics?
Facts about the population that put individuals to certain groups.
Define Revenue and Expenses
Revenue: Income (Unit Sales x Price Per Unit)
Expenses: The cost required for something
Give an example of a intentional tort, negligence tort and strict liability tort.
Intentional Tort: Assault and Battery
Negligence: Slip and Fall, Text and Drive
Strict Liability: Animal Attack
What is entrepreneurship?
Process of recognizing a business opportunity, testing it in the market and gathering resources necessary to start and run a business.
What are wants and needs, provide an examples
Wants are things you do not have to have to survive, but would like to have.
Example: a new water bottle, book, computer, phone
Needs are things you need to survive.
Example: Shelter, food, water
What is the marketing mix?
- Consists of four basic marketing strategies that is often referred to as the 4 P's
- You establish this after you establish a target market(s)
Product, Place, Price, Promotion
What is the accounting equation?
Assets = Liabilities + Equity
Define Intentional Tort
Purposely engages in conduct that causes injury or damage to another.
Define risk
A situation involving exposure to danger or loss.
Define Volunteer
Provides a service without being paid
What is the Marketing concept?
Involves determining the wants and needs of customers and providing them more efficiently and effectively to customers. Relationships!
What does a statement cash flow consist of?
- Operating
- Investing
- Financing
(Creditors use this to determine how much cash is available for the company to fund its operating expenses and pay its debts).
True or False:
The plaintiff files the case
True
What goes into entrepreneurship?
- Competition
- Excitement
- Flexibility
- Control
What is an opportunity cost
Deciding to use a resource for one purpose means giving up the opportunity to use it for something else.
What are the 4 P's of marketing/the marketing mix?
1. Product
2. Place
3. Price
4. Promotion
Who do income statements get reported to?
Income Statements are reported to the Securities and Exchange Commission (SEC)
Define Consumer Protection Laws
Protect consumers against improperly described, damaged, faulty, and dangerous goods and services as well as from unfair trade and credit practices.
What is social responsibility?
An ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.
What are the 4 Stages of Business Cycle
1. Boom
2. Recession
3. Slump/Depression
4. Recovery
Provide Demographic Examples:
- Occupation
- Age
- Gender
- Location
- Income
- Interests
- Attitudes: What do they want in a product? Single? Retired? Lifestyle? (choose 2-3)
(Choose 4 elements for a demographic)
The income statement consists of:
Revenue, expenses gains and losses.
The equation is:
Revenues - Expenses = Net Income (Profit)
Who is involved in a court case?
- Plaintiff
- Defendant
- Attorney
- Judges
- Juries
Provide three accounting and management operations.
- Inventory
- Organization
- Finances
- Production
- Labor