Entrepreneurship - Lesson 3.02 Vocabulary

Laws that forbid agreements among competitors to fix prices or prevent fair competition are called?

• pro-trust laws

• anti-trust laws

• competition laws

• anti-competition laws

When your net profit exactly pays for the costs of running the business, with no extra profit left over, that is called the _________________.

• Break-even point.

• net income point

• equal point

The combination of variable costs that are necessary to make the product or provide the service are called _____________________.

• costs

• cost of goods sold

• expenses

• inventory costs

Demand that increases or decreases based on changes in the price of a product or service is called?

• in-elastic demand

• elastic demand

• varying demand

• stagnant demand

Feeling important and valued by oneself and others.

• Esteem

• Pride

• arrogance

Factors outside your company that can help you determine your selling price are called _________________?

• internal pricing factors

• external pricing factors

• competitor factors

Making "predictions" is also known as __________ in business.

• forecasting

• telling the future

• truth telling

_________ is the amount of money you earn after subtracting the variable costs of making the product or providing the service.

• Gross Profit

• Net Profit

• Operational Profit

• Final Profit

Demand that stays about the same no matter the changes in the price of a product or service is called?

• in-elastic demand

• elastic demand

• varying demand

• stagnant demand

The price you will need to charge per item in order to cover the costs of running your business?

• minimum selling price

• lowest selling price

• least price

• smallest price