Economic Principles
Law of Supply & Demand
What is how price and availablility affect supply and demand
sole proprietorship
What is owned by one person.
Definition of Entrepenurship
What it means to start a business
Product
What is Goods, services,ideas. Research & Design
Accounting Equation
What is assets= Liabilities +Owner's Equity
Scarcity
What is how limited resources influence business decision
Partnership
What is Owned by 2 or more.
Characteristics of Entrepenurs
What is Risk-taking, leadership,creativity
Place
What is Retailers,wholesalers,online stores
Income Statements
What is Revenue - Expenses = Net Income
Opportunity Cost
What is The cost of choosing one option over another
LLC
What is Hybrid of Corporation and partnership.
Pros & Cons of Entrepenurship
What is Finacial freedom vs. Financial risk
Price
What is Strategies, Prestige,price bundling, loss leader pricing.
what is Assets,Liabilities,Equity
Needs & Wants
What is the difference between essential and non-essential goods
Corporation
What is Separate legal entity.
Business Plan Basics
What is Excutive Summary, Market Analysis, Strategy,Finacial plan
Promotion
What is Advertising, branding,sales promotion
Liquidity
What is The ability to convert assets into cash