Business 101
This term means the money a business earns from selling goods or services.
Revenue
This skill involves coming up with new ideas or solutions.
Creativity
This type of business is owned and operated by one person.
Sole-Proprietorship
This refers to promoting and selling products or services.
Marketing
This term describes how much of a product consumers want to buy.
Demand
This word describes the money a business spends to operate, such as rent or wages.
Expenses
This trait helps entrepreneurs keep going even after failure.
Persistance
This document explains how a business will run and make money.
Business Plan
This concept includes product, price, place, and promotion.
Marketing mix (4 Ps)
This term refers to how much of a product producers are willing to sell.
Supply
This is the difference between revenue and expenses.
Profit
This skill allows entrepreneurs to plan goals and make decisions.
Critical Thinking
This group includes customers, employees, and investors.
Stake Holders
This financial tool tracks money coming in and going out.
Budget or cash flow statement
This occurs when demand is greater than supply.
shortage
This term refers to something valuable owned by a business.
Asset
This ability helps business owners share ideas clearly with others.
communication
This business structure separates the owner’s personal and business finances.
Corporation or LLC
This strategy sets prices to attract customers and earn profit.
pricing strategy
This economic concept explains how consumers make choices with limited resources.
scarcity
This word describes a situation where expenses are greater than revenue.
Loss
This skill involves identifying problems and finding effective solutions.
Problem-Solving
This term describes the daily activities required to run a business.
Operations
This type of cost stays the same no matter how much is produced.
Fixed Cost
This term refers to the cost of the next best alternative that is given up.
opprotunity cost