Economics Flashcard

Front

Scarcity is:

Back

The limited availability of resources to meet unlimited wants and needs.

Front

The law of supply and demand states that:

Back

As the price of a good increases, the demand for that good decreases.

Front

A sole proprietorship is a business owned and operated by:

Back

A single individual.

Front

Intellectual property refers to:

Back

Intangible creations of the mind, such as inventions, literary works, and artistic works.

Front

An entrepreneur is someone who:

Back

Starts and runs their own business.

Front

A key component of a business plan is: A) A detailed financial forecast. B) A marketing strategy. C) A description of the business idea. D) All of the above.

Back

All of the above.

Front

The 4 Ps of marketing are:

Back

Product, Price, Place, Promotion

Front

A target market is:

Back

A specific group of consumers a business wants to reach.

Front

The accounting equation is:

Back

Assets = Liabilities + Owner's Equity

Front

Soft skills include:

Back

Interpersonal skills, such as communication and teamwork.