Innovation, Entrepreneurship, and Personal Finance Flashcards

A comprehensive set of vocabulary flashcards covering the definitions of innovation, entrepreneurship, market analysis tools, marketing strategies, and personal finance management based on the lecture notes.

Innovation

The process of creating a new product, service, or process, or significantly improving an existing one to make it better or more efficient.

Brand

a unique design, symbol, or name that distinguishes a product or service from others, often representing its quality and reputation.

Entrepreneurship

The act of taking financial risks to set up, manage, and operate a new business venture with the goal of making a profit.

Research and Development (R&D)

Investigative activities a business conducts to discover and create new products/procedures, or to improve existing ones, acting as a pipeline for future growth.

Market Share

The percentage of total sales in an industry generated by a particular company, often visualized as a slice of a pie chart representing $100\%$.

Trend Analysis

A line or bar graph showing changes in market share over time; a rising line indicates gaining share while a falling line indicates losing it.

Competitive Advantage

A condition or circumstance, such as lower costs or higher quality, that puts a company in a favorable or superior position compared to its competitors.

Marketing

The overall strategy of research, branding, and understanding customer needs.

Advertising

A specific, paid component under marketing used to publicly promote a product; effective forms in $2026$ include short-form video and AI-personalized ads.

Logo

A visual symbol or graphic mark identifying a company that should be characterized by simplicity and versatility.

Slogan

A short, catchy phrase used to stick in the consumer’s mind and build brand recognition.

Target Market

A specific group of consumers defined by age, income, interests, and location at whom a company aims its products and services.

Transaction Account

A bank account for daily spending and easy access (card tapping) that usually pays little to no interest.

Savings Account

A bank account for holding future money that pays higher interest but limits withdrawals.

Intrest Earned

A financial institution or borrower pays you money as a reward for keeping your funds with them

Interest Charged

Is the fee a lender or financial institution charges you for borrowing money.

Budget

A financial plan used to track income and expenses over a specific period, ensuring spending does not exceed earnings.

Receipts

Money coming into a budget, such as wages, gifts, or interest.

Payments

Money going out of a budget, such as rent, groceries, or bills.

Surplus

A positive financial balance where receipts are greater than payments.

Deficit

A negative financial balance where payments are greater than receipts.

Opportunity Cost

The value of the next best alternative that is given up when making a choice, such as the pair of shoes foregone when spending $\$50$ on a video game.