Intro to Business
These are the basic resources used to produce goods and services; land, labor, capital, and entrepreneurship.
What are the factors of production?
Money coming into a business from sales.
What is revenue?
Encouraging students to reflect on their learning experiences and adjust their strategies accordingly.
What is Critical self-reflection?
A state of limited competition, in which a market is shared by a small number of producers or sellers.
What is an Oligopoly?
According to this law, as price rises, the quantity demanded falls.
What is the law of demand?
This type of business organization is owned by one person and is the simplest way to start.
What is a sole proprietorship?
This financial statement shows a company’s revenues, expenses, and profit over a period of time.
What is an income statement?
Developing the ability to interact effectively with peers and faculty, and resolving conflicts when necessary.
What is Social skills?
The value of the next best alternative given up when making a choice.
What is opportunity cost?
The price at which the quantity supplied equals the quantity demanded.
What is the equilibrium price?
This occurs when a business’s expenses exceed its revenues.
What is a loss?
This financial statement shows what a company owns and owes at a specific point in time.
What is the balance sheet?
Teaching students to manage stress through relaxation techniques and other coping strategies.
What is Dealing with stress?
A person who starts and runs a business, taking on financial risk.
What is an entrepreneur?
A graph that shows the relationship between price and quantity demanded.
What is a demand curve?
This process involves planning, organizing, leading, and controlling company resources.
What is management?
This term refers to the profit a business has after subtracting all expenses from revenues.
What is net income?
Encouraging students to think critically and analytically about their learning and experiences.
What is Critical thinking?
An economy where individuals and businesses make most economic decisions with little government involvement.
What is a market economy?
A general increase in prices over time.
What is inflation?
A group of people a business aims its products toward.
What is the target market?
These obligations represent money a business owes to creditors.
What are liabilities?
Helping students set realistic goals and expectations for their academic and personal development.
What is Managing Expectations?
Most countries today, including the U.S., have this type of economy that combines market and government elements.
What is a mixed economy?
A period of temporary economic decline lasting at least six months.
What is a recession?
A Business that grants others the right to operate under its name.
What is a Franchisor?
The amount of money borrowed or invested before interest.
What is Principal?
Teach students to explore their strengths, set career goals, and learn practical job skills, such as creating resumes and handling interviews.
What is Career Development?
When one company controls an entire industry.
What is a Monopoly?
Goods that's are consumed together, like phones and phone cases.
What are Complementary Goods?
A brand name, symbol, or design that distinguishes a product.
What is a Trademark?
An accounting term that recognizes the cost of a long-term asset over its useful life.
What is Depreciation?
Instill good study habits and time management skills to optimize academic performance and personal responsibilities.
What is Time Management?
A measure of the responsiveness of quantity demanded to changes in price.
What is Price Elasticity?
Inflation erodes this aspect of money and its ability to buy goods and services.
What is Purchasing Power?
Dividing work into specialized tasks.
What is Division of Labor?
Money paid to the government based on business revenue or income.
What is a Tax?
What is Mental Health?
A share of earnings distributed to stockholders.
What is a Dividend?
Goods that can replace each other; if the price of one goes up, demand for the other goes up.
What are Substitute Goods?