Vocab
Things that are required in order to live is also known as:
NEEDS
Things that add comfort or pleasure to your life is also known as:
WANTS
Raw materials supplied by nature are also known as:
NATURAL RESOURCES
How many steps are in the business cycle?
4 STEPS
True/False: A product item is a specific model or size of a product
TRUE
A specific group of consumers that an organization selects as their focus of their marketing plan.
TARGET MARKET
The decrease in the general level of prices
Deflation
How many steps is in the economic decision making process?
6 STEPS
True/False: The last depression was in 1965 and was known as the Great Depression
FALSE, 1930-1940 WAS THE LAST DEPRESSION
How many steps are in the new product development process?
7 Steps
Is someone who takes a risk in starting a business to earn profit
ENTREPRENEAUR
not having enough resources to satisfy every need is also known as:
SCARCITY
True/False: Some businesses can be consumers AND producers
TRUE
The increase in the general level of prices
INFLATION
What does each letter of SWOT stand for?
Strengths, weakness, opportunities, and threats
The total dollar value of all final goods and services produced in a country in one year is also known as:
GROSS DOMESTIC PRODUCT (GDP)
An independent business with 500 employees or less
Small Business
Give me an example of a product that can be a need and a want and describe how it can be both.
...
How is GDP per Capita calculated? Give me the formula
GDP / POPULATION
List at least two of the four TYPES of sport products
SPORTING EVENTS
SPORTS INFO
SPORTS TRAINING
SPORTING GOODS
Make up the physical and social surroundings in which a person lives
Environmental Factors
The amount of money needed to open the business
Start-up Financing
List all three types of Economic Resources
HUMAN
CAPITAL
The phase of the business cycle in which unemployment is the highest
Depression
List the four P's of marketing