Economics
This term means the ability to satisfy wants using limited resources.
What is scarcity?
A person who starts and runs their own business.
Who is an entrepreneur?
The group of customers a business wants to reach.
What is a target market?
The money a business earns before expenses.
What is revenue?
The process of getting work done through others.
What is management?
The law stating that as prices rise, quantity demanded usually falls.
What is the law of demand?
Money invested by the owner to start a business.
What is capital?
The four Ps: Product, Price, Place, and this.
What is promotion?
Money left after all expenses are paid.
What is profit?
Employees working together to reach a goal.
What is teamwork?
This refers to what you give up when you make a choice.
What is opportunity cost?
This document outlines goals, costs, and strategies for a business.
What is a business plan?
Research used to learn what customers want.
What is market research?
A plan showing income and expenses.
What is a budget?
The ability to guide and motivate others.
What is leadership?
A system where businesses are privately owned and competition determines prices.
What is capitalism?
A business owned by one person and easiest to start.
What is a sole proprietorship?
A symbol or design that identifies a company.
What is a logo?
A bank account that earns interest.
What is a savings account?
Money paid regularly to employees for their work.
What are wages (or salary)?
When demand is higher than supply, prices usually do this.
What do prices increase?
The chance of losing money or failing in business.
What is risk?
A strategy where prices are set low to attract customers quickly.
What is penetration pricing?
The financial statement showing assets, liabilities, and equity.
What is a balance sheet?
The process of choosing between alternatives.
What is decision-making?