Business Basics
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 is called...
What is revenue?
Communication that informs, persuades, or reminds consumers about a product.
What is promotion?
The basic economic problem that resources are limited but wants are unlimited.
What is scarcity?
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?
Paid, non-personal communication through various media is known as...
What is advertising?
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?
A brand’s overall perception in the minds of consumers, what they think and feel about it is called...
What is brand image?
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?
The legal protection for a brand name or symbol.
What is a trademark?
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?
This group of people a business aims its products toward is called its ...
What is the target market?
These obligations represent money a business owes to creditors.
What are liabilities?
The promotional strategy focused on creating a positive image for a company.
What is public relations?
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?