Business Basics
I sell products directly to customers in stores or online. If you’ve ever bought clothes, snacks, or video games, you’ve been to my type of business. What am I?
Retail Business
If you could only pick one: food, a house, or a new PlayStation, which one(s) is a need instead of a want?
Food or House
If you set up a lemonade stand, design a logo, and start selling drinks to customers, what have you just created?
A Business
I am a market where many businesses sell the same thing and none of them control the price. Farmers selling apples or oranges compete in this type of market. What is it called?
Perfect Competition
I am the money a business makes from selling products before paying for expenses. If a lemonade stand sells 10 cups for $1 each, it earns $10. What am I?
Revenue
If you wanted to start your own McDonald's, you wouldn’t create a brand new restaurant. Instead, you’d buy the rights to run a business under their name. What kind of business model is this?
Franchise
Imagine your school gets filled with kids wearing the same glowing sneakers, but in a few months, nobody wants them anymore. This quick rise and fall in popularity is known as what?
A Fad
Some businesses go through good times and bad times, just like a rollercoaster. What is the name of this pattern in the economy?
Economic Cycles
When businesses try to attract more customers by offering better prices, quality, or service, what is this called?
Competition
Imagine a business run by two best friends who make decisions together and share the profits. What kind of business structure is this?
Partnership
If someone says they work in the automobile or fashion field, they are part of a bigger group of businesses that focus on the same products. What is the term for this?
Industry
Unlike fads, some things remain popular for many years. Can you name a long lasting pattern of buying behaviour, like people using smartphones?
A Trend
I take risks, come up with ideas, and start my own company instead of working for someone else. What kind of person am I?
An Entrepreneur
Video game consoles are mostly made by only three big companies. When a small number of businesses dominate a market, what is this called?
Oligopoly
If the price of hamburgers goes up, fewer people might buy them, so they also stop buying as many fries. Since burgers and fries are often used together, what type of goods are they?
Complementary Goods
The government owns and runs certain businesses that provide important services like mail delivery and healthcare. What are these government run businesses called?
Crown Corporations
Why do businesses raise prices when a product becomes super popular and there aren’t enough to go around?
Because of Supply and Demand
If the economy is doing badly and people stop spending money, businesses struggle to stay open. What is this difficult phase called?
Contraction
One company controls the entire market for a product, meaning customers have no other choices. What is this unfair advantage called?
A Monopoly
If the price of Coca-Cola suddenly rises, more people might start buying Pepsi instead. Since these two products can easily replace each other, what type of goods are they?
Substitute Goods
If two or more countries sign a special deal that allows them to trade goods and services more easily, what is this agreement called?
Trade Agreement
Imagine a theme park charging higher ticket prices on busy summer weekends compared to slow winter days. What pricing strategy is this?
This is Surge Pricing
In some industries, like fast food or sneakers, customers prefer certain brands to others. What term describes these customer choices?
Consumer Preference
Two ice cream shops on the same street sell different flavours and have unique branding to stand out. What kind of competition is this?
Monopolistic Competition
If a store wants to get more customers, they might lower their prices, offer better service, or sell unique products. What is this strategy called?
Competitive Advantage