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WorksheetsEntrepreneurship Exam 1 Review
Total questions: 14
Worksheet time: 7mins
Supply
The amount a manufacturer is willing to make at a given price
How much consumers want/are willing to pay for an item at a given price
Amount of money earned after all expenses have been paid
Two or more similar businesses' trying to get the sale
Demand
When there isn't enough of an item based on consumer demand
When a company makes more of something than the consumers demand
How much consumers want/are willing to pay for an item at a given price
The amount a manufacturer is willing to make at a given price
Profit
The amount a manufacturer is willing to make at a given price
amount of money earned after all expenses have been paid
perfect market condition when the manufacturer makes the perfect amount of something that aligns with how much consumers demand
the idea that you may or may not make a profit when you start a business...or the possibility of loss
Surplus
provides services (fire, police, school, military), regulator, supports business, provides relief in a pandemic/natural disaster/etc
when a company makes more of something than the consumers demand
Right to have accurate information, safe products, ability to determine prices and what the marketplace sells based on what they want/need
the process of producing, distribution, and promoting a product/service based on a customer’s needs/wants
Shortage
The amount a manufacturer is willing to make at a given price
How much consumers want/are willing to pay for an item at a given price
Product, price, place, promotion
when there isn’t enough of an item based on consumer demand
risk
the idea that you may or may not make a profit when you start a business...or the possibility of loss
perfect market condition when the manufacturer makes the perfect amount of something that aligns with how much consumers demand
Right to have accurate information, safe products, ability to determine prices and what the marketplace sells based on what they want/need
demographics are the objective characteristics that are shared by a target market...also could simply be the make up of a person/group of people based on factors such as age, gender, ethnicity, income level, level of education, marital status, etc
Equilibrium
1. ID the problem
2. Seek out information
3. Evaluate options
4. Make a decision/buy
5. Evaluate satisfaction of the purchase
perfect market condition when the manufacturer makes the perfect amount of something that aligns with how much consumers demand
provides services (fire, police, school, military), regulator, supports business, provides relief in a pandemic/natural disaster/etc
two or more similar businesses’ trying to get the sale
Competition
amount of money earned after all expenses have been paid
perfect market condition when the manufacturer makes the perfect amount of something that aligns with how much consumers demand
two or more similar businesses’ trying to get the sale
The amount a manufacturer is willing to make at a given price
Role of the Government on the Economy
Right to have accurate information, safe products, ability to determine prices and what the marketplace sells based on what they want/need
provides services (fire, police, school, military), regulator, supports business, provides relief in a pandemic/natural disaster/etc
Consumer rights
Right to have accurate information, safe products, ability to determine prices and what the marketplace sells based on what they want/need
provides services (fire, police, school, military), regulator, supports business, provides relief in a pandemic/natural disaster/etc
Demographics vs Psychographics vs Geographics
the idea that you may or may not make a profit when you start a business...or the possibility of loss
demographics are the objective characteristics that are shared by a target market...also could simply be the make up of a person/group of people based on factors such as age, gender, ethnicity, income level, level of education, marital status, etc
when a company makes more of something than the consumers demand
two or more similar businesses’ trying to get the sale.
What are the four P's?
Product
Place
Promotion
Peace
Product
Price
Place
Pizza
Pomeranian
PickPocket
Piggyback
Prince Phillip
Product
Price
Place
Promotion
Marketing
two or more similar businesses’ trying to get the sale.
perfect market condition when the manufacturer makes the perfect amount of something that aligns with how much consumers demand
when there isn’t enough of an item based on consumer demand
the process of producing, distribution, and promoting a product/service based on a customer’s needs/wants
5 Step of Consumer Decision Making
1. ID the problem
2. Seek out information
3. Evaluate options
4.
5.
4. Make a decison/buy
5. Evaluate your enitre life
4. Buy product
5. Test out product
4. Make a decision/buy
5. Evaluate satisfaction of purchase
4. Make a decision/buy
5. Stop, Drop, and Roll
