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Understanding Business Characteristics and Economic Principles

This resource explores essential characteristics of businesses, covering key topics such as globalization, demographics, and economic principles like supply and demand. It includes a detailed examination of business types, marketing, and SWOT analysis elements while addressing relevant economic indicators and consumer behavior. An insightful look at entrepreneurship, market trends, and the business cycle is also provided, making it a valuable guide for understanding the foundational elements of managing a successful enterprise.

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Understanding Business Characteristics and Economic Principles

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  1. Characteristics of a Business Globalization/Demographics EconomicsSupply/Demand Economics -Other/Systems $200 $200 $200 $200 $400 $400 $400 $400 $600 $600 $600 $600 $800 $800 $800 $800 $1000 $1000 $1000 $1000

  2. Characteristics of a Business Globalization/Demographics EconomicsSupply/Demand Economics -Other/Systems $200 $200 $200 $200 $400 $400 $400 $400 $600 $600 $600 $600 $800 $800 $800 $800 $1000 $1000 $1000 $1000

  3. Category 1 $200 • The process of starting and managing your own business

  4. Category 1 $400 • The parts of a SWOT analysis that a company has control over

  5. Category 1 $600 • Activities that occur between the business and customers (buying / selling)

  6. Category 1 $800 • These types of businesses produce goods used by other businesses or organizations

  7. Category 1 $1000 • Examples include interstate highways and local water and sewer systems

  8. Category 1 $200-Answer • What is entrepreneurship?

  9. Category 1 $400-Answer • What are strengths and weaknesses?

  10. Category 1 $600-Answer • What is marketing?

  11. Category 1 $800-Answer • What are industrial businesses?

  12. Category 1 $1000-Answer What area quasi-public corporations?

  13. Category 2 $200 • Products made by companies in the United States.

  14. Category 2 $400 International agreements that eliminate trade restrictions/subsidies between groups of countries.

  15. Category 2 $600 • A specific group of consumers with similar wants and needs

  16. Category 2 $800 These change frequently, are often determined by demographic research, and can be completely subjective Daily Double

  17. Category 2 $1000 • Age, gender, income, schooling, occupation

  18. Category 2 $200-Answer • What are domestic goods?

  19. Category 2 $400-Answer • What are free trade agreements?

  20. Category 2 $600-Answer • What is a target market?

  21. Category 2 $800-Answer • What are business trends?

  22. Category 2 $1000-Answer • What are examples of demographics?

  23. Category 3 $200 Gross Income – Taxes

  24. Category 3 $400 The driving forces ofthe economy.

  25. Category 3 $600 The quantity of goods that consumers are willing to buy at a particular price

  26. Category 3 $800 The seller has the bargaining power in this type of market.

  27. Category 3 $1000 This includes money spent on luxury items, vacations, and all other non-essential goods and services

  28. Category 3 $200-Answer • What is disposable income?

  29. Category 3 $400-Answer • What are wants and needs?

  30. Category 3 $600-Answer • What is demand?

  31. Category 3 $800-Answer • What is a shortage?

  32. Category 3 $1000-Answer What is discretionary income?

  33. Category 4 $200 Retail sales index, GDP, unemployment, inflation

  34. Category 4 $400 Higher wages, more jobs available, unemployment is at lowest, and people are spending

  35. Category 4 $600 Consumers tend to cut back on these types of products during a recession.

  36. Category 4 $800 • Capitalism, socialism, and communism

  37. Category 4 $1000 • Prosperity, recession, depression, and recovery

  38. Category 4 $200-Answer • What are economic indicators?

  39. Category 4 $400-Answer • What is theprosperity stage of the business cycle?

  40. Category 4 $600-Answer • What are durable goods?

  41. Category 4 $800-Answer • What are the main economic-political systems?

  42. Category 4 $1000-Answer What is the business cycle?

  43. Final Jeopardy • Category • Types of Business

  44. Final Jeopardy List three different types of business and give one advantage and disadvantage of each. You have 30 seconds left… You have 1 minute…

  45. Final Jeopardy List three different types of business and give one advantage and disadvantage of each. Time Is Up

  46. Final Jeopardy Answer • Sole Proprietorship • Partnership • Corporation • Franchise

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