Basic Business
This is the money a business earns from sales.
What is revenue?
When demand is high and supply is low, prices usually go this direction.
What is increase (go up)?
The group of customers a business wants to reach.
What is a target market?
The difference between revenue and expenses.
What is profit?
The study of how people use limited resources to satisfy unlimited wants.
What is economics?
The 4 Ps of marketing include Product, Price, Place, and this.
What is promotion?
A business owned by one person.
What is a sole proprietorship?
This curve shows how much of a product consumers are willing to buy.
What is the demand curve?
The costs that do not change no matter how much you produce.
What are fixed costs?
The point where supply and demand meet.
What is equilibrium?
The total value of what a business owns minus what it owes.
What is equity
The cost of the next best alternative you give up when making a decision.
What is opportunity cost?