Basic Economic Concepts
Tasks that businesses perform for consumers are known as ____.
services
An economic system in which economic decisions are made in the marketplace.
market economy
A business owned by one person.
sole proprietorship
Facts about the population.
demographics
The public promotion of something such as a product, service, business, or event, to attract or increase interest in it.
advertising
Business is any commercial activity that seeks ____.
profit
Process of recognizing a business opportunity--gathering resources to start and run a business
entrepreneurship
A business owned by two or more people who share its risks and rewards.
partnership
Marketing that helps companies focus on the people most likely to buy their goods or services.
target marketing
A 30-minute commercial.
infomercial
The decision to stop manufacturing products is often due to decreased ____.
demand
The lack of resources.
scarcity
A company that is registered by a state and operates apart from its owners.
corporation
The gathering and analysis of information on the size, location, and makeup of a product market.
market research
___ appear in a new browser window when you first log on to a Web site.
pop-up ads
____ are things that you do not have to have to survive, but would like to have.
wants
Raw materials from nature that are used to produce goods.
natural resources
Means the owner is responsible for all of the company’s debts.
unlimited liability
When workers get together to think of new products.
brainstorming
A business that specializes in developing ads and ad campaigns for its clients.
advertising agency
A person who uses goods or services is called a ____.
consumer
All the economic resources necessary to produce a society’s goods and services.
factors of production
Contractual agreement to use the name and sell the products or services of a company.
franchise
The four main elements of marketing, also called the four Ps.
marketing mix
A series of ad messages that share a single idea and theme.
advertising campaign