Economic Systems
This economic system is characterized by private ownership and free markets.
What is capitalism?
The “4 Ps” of marketing include product, price, promotion, and this.
What is place?
This document lists your education, skills, and work experience for job applications.
What is a resume?
This document outlines a business’s goals, strategies, and financial plans.
What is a business plan?
This is the money a business earns from sales before expenses are deducted.
What is revenue?
In this economic system, the government controls most resources and means of production.
What is socialism?
This marketing strategy involves dividing a market into groups based on characteristics like age or income.
What is marketing segmentation?
A short, focused meeting where you learn about a job from an experienced professional is called this.
What is an informational interview?
This legal structure protects the owner’s personal assets from business debts.
What is a limited liability company (LLC)
This financial statement shows a company’s assets, liabilities, and owner’s equity.
What is the balance sheet?
This term describes a mixed economy with both private and public sector involvement.
What is mixed economy?
The process of researching customer needs and preferences to create demand is called this.
What is market research?
This is the process of identifying your strengths, interests, and values to guide your career choices.
What is self-assessment?
Small businesses often seek this type of funding from banks or investors to start or grow.
What is a loan or investment?
The difference between revenue and expenses is called this.
What is profit?
The concept of “supply and demand” is most closely associated with this type of economic system.
What is market economy?
This term describes how a product is differentiated from competitors in customers’ minds.
What is positioning?
Setting these types of goals helps you plan your career path step-by-step over time.
What are career goals?
This term refers to the daily operations and management of a small business.
What is business management?
This type of budget plans for income and expenses over a specific period.
What is an operating budget?
This economist is often called the “father of economics” and wrote The Wealth of Nations.
Who is Adam Smith?
A marketing technique that involves building long-term customer relationships is called this.
What is relationship marketing?
This strategy involves building a network of professional contacts to help you find job opportunities.
What is networking?
This marketing approach is especially important for small businesses to build local customer loyalty.
This term describes the process of managing cash inflows and outflows to keep a business solvent.
What is cash flow management?