Business Basics
This term describes an organization that provides goods or services to earn a profit.
Business
A person who starts, organizes, and takes risks to run a business.
entrepreneur
The four Ps of marketing are product, price, promotion, and this.
place
This economic principle explains why prices rise when demand is high and supply is low.
supply and demand
Records, tracks, and reports a company’s financial transactions.
Accounting
The three main types of businesses are service, manufacturing, and this third type.
merchandising business
This business ownership has two or more owners who share profits and losses
partnership
This term means all the activities involved in getting products from producers to consumers.
marketing
This term describes how sensitive consumers are to changes in pric
elasticity
Manages money, investments, budgeting, and financial planning.
Finance
This word refers to the money left after all expenses have been subtracted from revenue.
profit
This type of ownership protects owners from being personally responsible for business debts.
corporation (or LLC)
This financial statement shows income, expenses, and profit or loss
income statement
When the government places a tax on imported goods, it is called this.
tariff
Promotes products or services to attract and keep customers.
Marketing:
This form of business ownership is owned by one person and is the simplest to start.
sole proprietorship
Money that owners invest into a business to help it start or grow.
capital
This management function involves setting goals and deciding how to achieve them.
planning
This type of unemployment happens when workers are between jobs or searching for new ones.
frictional unemployment
Hires, trains, and supports employees; manages workplace policies.
Human Resources
This type of economy is based on supply and demand with little government involvement.
market economy
This document explains a business’s goals, target market, costs, and strategies.
business plan
This term refers to the amount of money a business must earn to cover all its costs.
break-even point
This economic system combines elements of both market and command economies.
mixed economy
Oversees operations or advises businesses to improve performance.
Management & Consulting