Design
Why do consumers buy?
What is the difference between an inventor and an innovator?
Inventor - Creates
Innovator - Improves
What are the two C's?
Consumers and Competition
What is supply?
An amount of a resource that firms, producers, laborers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or an individual
What supports the image and quality of a product?
Design and style
What is an unskilled labor job?
Most jobs with little training (ex. Cashier)
What are the four P's?
Price, Product, Place, and Promotion
What is demand?
The quantity of a good that consumers are willing and able to purchase at various prices during a given time
What does the design of a product help do?
Helps buyers recognize a product?
What is the production process?
Grading, Quality, Control, Processing, and Purchasing
What is A.I.D.A?
Attention, Interest, Desire, and Action
How does a company produce a surplus?
When supply is higher than demand
What colors are in the FEDEX logo?
Orange and Purple
What is one called who is considering going into business for themselves?
Entrepreneur
What does black mean in logos?
Luxury goods
What is the law of demand?
As the price of a good or service increases the demand for the good decreases
What happens when the quality of a product improves?
What is the amount of money one puts into a business?
Capital
What are demographics?
Collected by secondary market research. Census records, industry reports, and magazine articles
What is equilibrium?
When the quantity supplied equals the quantity demanded