Business Environment & Economics
the four main economic systems
what are traditional, command, market, and mixed?
recurring pattern of growth and decline in economic activity
what are business cycles?
passion, risk-taking, curiosity, leadership, creativity, and resilience are what?
Traits of an Entrepreneurship
private ownership with government regulations
what is a mixed economy?
taste, number of consumers, related goods prices, income, expectations
What are shifters of demand?
investors and banks read this section first
what is the sales and marketing plan?
measures how sensitive the demand for a good or service is to a change in its price
demand is greater than supply
what is scarcity?
what are products, price, place, and promotion?
focuses on tracking, analyzing, and reporting financial data
what is accounting?
when the economy hits its lowest point
trough
how many steps are usually needed to start a business?
7 steps
involves managing money, investments, and financial risks
a contraction of the economy that lasts more than a year
what is a depression?
the goal of starting a business
to make a profit