Final Jeopardy Jeopardy Business Concepts Sports Entertainment Economics Risk Management FinancesUtility

The study of economics of an entire society is refereed to as…….

Macroeconomics

Revenues > Expenses

Profits

The amount of satisfaction people believe they receive from entertainment is refereed to as…..

Economic Utility

What are the four types of economic utility?

Form Place Possession Time

making decisions to use resources in ways that result in the greatest profit

Profit Motive

_______ is the possibility of financial loss or gain, or personal injury.

Risk

This category of risk includes environmental conditions that cannot be controlled.

Natural Risk

This classification of risk involves a loss that can be prevented or reduced in frequency.

Controllable Risk

What are the three major categories of risk?

Natural Human Economic

This type of risk is used to classify a chance that a loss could occur but the dollar amount cannot be estimated.

Uninsurable risk

The money a business receives from the sale of goods and services

Revenue

payment for insurance

Premium

Costs only found at the initial opening of a business or operations

Start up costs

A planning tool for the money to be spent

budget

a report developed to predict the expenses to be incurred and revenues to be received from an event

Forecast

_____________ studies the relationships between individual consumers and producers.

Microeconomics

Funding a company in exchange for owning a part of the company

Venture capital

Building a company without outside help or assistance.

Bootstrapping

ROI stands for?

Return on Investment

The second greatest source for finding funding?

Families & Friends

Having products or services available when someone wants or needs them is an example of this type of utility.

Time Utility

Changing a physical characteristic of a product to improve it, such as making movies available in multiple formats like HD, BlueRay, or Imax, would be an example of this type of utility.

Form Utility

Hold an event in a “cool” location for customers to attend would be an example of this type of utility.

Place Utility

Matinee pricing, senior discounts, and special rates for students would be an example of this type of utility.

Possession Utility

Category Franchise Owners

What is the maximum number of shares a person can own for the Green Bay Packers?

2000