Economic Basics
On a graph modelling Supply and Demand, the point of intersection represents what?
The market equilibrium
What are the 5 forms of business?
Sole ownership, Partnership, Corporation, Franchise and Co-operative
This is the process of gathering, analyzing and interpreting data about the market including consumer preferences and competition to inform marketing strategies.
Market research
This is the process of recording classifying and summarizing financial transactions to help a business assess its financial performance
In this leadership style, the leader encourages team members to make decisions and fosters collaboration and input from others
Democratic leadership
According to the law of supply, as the price of a good decreases the quantity of supply typically does this ___
Decrease
A companies commitment to opporate in a social responsible way benefiting not just shareholders, but customers, employees and the environment?
This element of the 4 Ps includes determining what product or service to offer focusing on its features, design, quality and branding to meet consumer needs.
Product
What is the formula for assets using owners equity and liabilities?
Liabilities + Owners Equity = Assets
This component of the production process involves the actual transformation of raw materials into finished products
Manufacturing
Increase
When having a partnership, both partners are held accountable when a mistake happens because of?
Joint liability
This promotional strategy involves engaging consumers through digital channels like social media, email marketing and content marketing
digital marketing
This financial statement outlines the profit or loss for a company during a specific period, helping businesses evaluate their financial performance
Income statement
Entrepreneurs often have the ability to quickly ____ to changing circumstances
Adaptability
This term describes the situation when the quantity supplied exceeds the quantity demanded?
Surplus
If a business takes advantage of its employees, customers and the environment they are using?
Unethical practices
The last step in AIDA model focuses on prompting the consumer to take action such as making a purchase, signing up for a service or clicking on an ad
getting action
This is the distinction between the money a company brings in from its business activities and the cost it incurs to generate that income
the difference between revenue and expenses
What is the main focus of total quality management (TQM)
Quality improvement
According to the law of demand, a change in this will cause a movement along the demand curve rather than a shift in the demand curve?
Price
This type of organization is set up to serve a social cause and does not distribute profits to its members or leaders?
Non-profit
The element in the 2 C's refers to the need for businesses to understand these two aspects of the consumer in order to tailor marketing efforts effectively.
Consumers wants and needs.
The column on a balance sheet that is ordered by liquidity
Crisis situation