Business Basics
What do we call an organization that sells goods or services to make money?
Business
What word describes a place where buyers and sellers meet, either in person or online?
Market
What are physical products that can be touched or used, like food or clothes?
Goods
What do businesses use to promote and sell products?
Marketing
What word means how much of a product is available to sell?
(Double Points)
Supply
Who is a person that starts and runs their own business
Entrepreneur
What do we call the total money a business brings in from sales?
(Double Points)
Revenue
What do we call work done for others, like babysitting or tutoring?
Services
What’s the name for posters, TV commercials, or internet ads that tell people about products?
(Double Points)
Advertising
What word means how much people want to buy a product?
Demand
What word means “other businesses selling similar products or services”?
Competition
What are the costs a business has to pay, like rent or supplies?
Expenses
Which category does “haircut” belong to: goods or services?
Services
True or False: Marketing and advertising are the same thing
(Double Points)
False – advertising is just one part of marketing
If demand for video games goes up but supply stays the same, what usually happens to the price?
The price goes up
What word means a person who buys goods or services?
Customer
If a business makes $500 in sales but has $300 in expenses, what is the profit?
$200
Which category does “new sneakers” belong to: goods or services?
Goods
If a business posts on TikTok about their new product, is that advertising or marketing?
Advertising
What is the word for the goods a business has in stock to sell?
Inventory
What word describes a place where buyers and sellers meet, either in person or online?
Market
What is the difference between revenue and profit?
(Double Points)
Revenue is total money earned; profit is what’s left after expenses are paid
A cell phone comes with the device itself and a monthly plan. Which part is the good and which part is the service?
(Double Points)
The phone is the good, and the monthly plan is the service
What do we call the activity of creating posters, commercials, or online messages to promote a product?
Advertising
If the demand of a product goes up what happens to the supply?
(Double Points)
Supply will go down