Business Management - 1
A person who buys goods or services.
Revenue - costs = ???
Profit
What is an entrepreneur?
An entrepreneur sees a problem and decides to do something about it.
What are stocks?
A type of security that represents a share of ownership in a company.
What is a competitor?
A business offering similar products or services targeting the same market
What is the term for the amount of money made by a business before deducting costs?
Revenue
What is a market?
A place where buyers and sellers meet to exchange goods and services.
What is a brand?
A name, term, design, or symbol that identifies a business or its products.
The point where total revenue equals total cost
Break-even point
Choosing one option means losing the next best alternative, what is this called?
Opportunity cost
A tax imposed on imported goods/services?
Tariffs
Variable cost
What are assets?
Valuable resources owned by an individual or company that are expected to provide future economic benefits.
What is the law of demand?
As the price of a product increases, the quantity demanded decreases, and when prices fall, the quantity demanded increases.
What does B2C stand for?
Business to Consumer
What does a balance sheet show?
Assets, Liabilities and Owner's Equity
Name the 4ps of marketing
Place, Price, Product, Promotion
What are the factors of production
land,labour, capital, entrepreneurship
Name 4 non-price determinants of demand
Taste and preferences, Expectations, Market Size, Income, Related Goods
Explain the difference between fixed and variable costs
Fixed costs do not change with the level of production or sales, variable costs do.
What is perfect competition?
A market structure where numerous firms sell an identical product, and no single firm can influence the market price
Assets = Liabilities + ???
Owner's Equity
Identify the types of economic costs
implicit and explicit
What is elasticity of demand?
Measures how sensitive the quantity demanded of a good is to changes in its price, income, or related goods' prices
What is economies of scale?
When a company reduces costs per unit by producing in large quantities.