Basics of Business
Term for the money a business brings in
What is Revenue?
In economics, something is scarce when
What is There is not enough for everyone to have all they want
Measures output per worker hour?
What is Productivity
Process of planning, pricing, promoting, selling, and distributing products to meet customers wants and needs
What is Marketing
3 forms of ownership
What is
Sole proprietorship
Partnership
Corporation
The term for the money a business pays out
What is an expense?
Product that producers are willing and able to produce at a given price
What is Supply
The percentage of the work force that is unemployed at any given date?
What is Unemployment rate
Where does marketing occur
What is Wherever consumers are
Difficult and costly to start
Easiest form to start and most common form of business
Owner keeps all of the profits
Owner responsible for all debts and funding can be difficult to obtain
Owner makes all decisions
Requires no paperwork other than business licenses/permits to start
Sole control over all business functions
What is Sole proprietorship
_______________do not go into business with the goal of making a profit
What is Nonprofit organizations
When demand exceeds supply
What is Shortage
Refers to the level of rising prices in an economy
What is Inflation
Four elements that make up the Marketing Mix
What is product, place, price, and promotion
Unlimited legal and financial responsibility is shared
Requires an agreement to start
Conflicts between owners can be a common problem
What is Partnership
When expenses are higher than the revenue the business brings in
What is Loss
The quantity of a product consumers are willing and able to purchase at a given price
What is Demand
Consumer spending is very low, unemployment is very high, and production of goods and services is down significantly. Poverty results because many people are out of work and cannot afford to buy food, clothing, or shelter.
What is Depression
Which of these can be marketed?
What is All of the above can be marketed
Requires a charter filed with the government to start
Double taxation
Businesses must name a board of directors
Must publish annual reports
Limited liability
Owners and managers are generally separate
What is Corporation
Four different types of businesses- Name at least 2
What is Local, regional, national, and multinational
The law of demand states
What is As the price of a good decreases, consumers buy more of the good
Reduced unemployment, increased consumer spending, and moderate expansion by businesses
What is Recovery
Includes the location and methods used to make the product available to the consumer.
What is Place/Distribution
Third planet from the sun?
What is Earth?