ENTREP

Question 1

a group of people or organizations that buy a particular good, service, or concept.

any mechanism that enables buyers and sellers to strike bargains and to transact.

composed of people with needs to satisfy, the money to spend, and the willingness to spend.

Answer 1

MARKET

Question 2

an offshoot of the primary market and it is formed when customers develop specific needs or preferences

Answer 2

SECONDARY MARKETS

Question 2

this type of market that is formed when a firm introduces a new product class in response to latent demand or needs

Answer 2

PRIMARY MARKET

Question 2

refers to customer demand that is unarticulated or abstract ex. tri-bike as people travel by other means like walking, riding in bicycles, buses, or rigs

Answer 2

LATENT DEMAND

Question 3

any resource with financial value that is controlled by a company

Answer 3

ASSET

Question 4

what a business owes. it could be money, goods, or services.

Answer 4

LIABILITIES

Question 5

the portion of a company’s assets that an owner can claim; it’s what’s left after subtracting a company’s liabilities from its assets

Answer 5

OWNER’S EQUITY

Question 6

accounting equation

liabilities + owner’s equity

Answer 6

ASSETS

Question 7

reflects the amount of money you are left with after having paid all your allowable business expenses

Answer 7

NET PROFIT

Question 8

the amount of money you are left with after deducting the cost of goods sold from revenue

Answer 8

GROSS PROFIT