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36 Cards in this Set
- Front
- Back
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aptitude
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inclination, tendency
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brainstorming
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to think freely in order to generate ideas
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capitalism
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an economic system characterized by private ownership of capital goods
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command economy
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an economic system in which activity is controlled by a central authority and the means of production are publicly owned
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consensus
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general agreement
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demand
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the quantity of goods or services that consumers are willing and able to buy at various prices
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employees
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one employed by another usually for wages or salary and in a position below the executive level
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entrepreneurs
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an individual who undertakes the creation, organization, and ownership of a business
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entrepreneurship
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the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business
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equilibrium price and quantity
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the point at which the supply and demand curves meet
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free enterprise system
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an economic system in which people have impotant rights: to make economic choices of what products to buy, to own private property, and to choose to start a business and compete with other businesses
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functions of business
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production, marketing, management, and finance
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market economy
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a group of people or companies who have a demand for a product or service and are willing and able to buy it
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memorandum
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a written reminder
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monopoly
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a market structure in which a particular comodity has only one seller
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opportunity cost
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the cost associated with giving up the use of money tied up in inventory
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scarcity
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the difference demand and supply; limited resources
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self-assesssment
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an assessment of ones self
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supply
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the amount of goods or services that producers are willing to provide
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trade show
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a gathering or exhibition where vendors and manufaturers introduce new items and promote established products and services
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board of directors
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a group of people who meet several times a year to make important decisions affecting the company
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business broker
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a person who sells business for a living
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business plan
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a document that describes all the steps necessary in opening and operating a successful business
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corporation
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a business with the legal rights of a person, and which may be owned by many people
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cover letter
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a letter that explains or provides more information about a document or set of documents
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dividends
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distributions of profit to shareholders by corporations
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franchise
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a leagl agreement that gives an individual the reight to make a company's products or services in a particular area
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incorporate
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to set a business up as a corporation
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initial franchise fee
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a fee the franchise owner pays in return for the right to run the franchise
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partnership
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a business owned by two or more people
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pro forma financial statements
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financial statements based on projections
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royalty fees
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weekly or monthly payments made by the owner of the franchise to the seller of the franchise
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share of stock
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a unit of ownership in a corporation
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sole propietorship
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a business owned exclusively by one person
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start-up costs
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one-time only expanses that are paid to establish a business
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trade associations
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organizations that promote certain types of businesse
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