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21 Cards in this Set
- Front
- Back
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Aptitude
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Capacity for learning
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Brainstorming
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thinking freely in order to generate ideas
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Capitalism
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economic system characterized by a free market
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Command Economy
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an economic system that is characterized by central authority and production is publicly owned
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Consensus
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group judgement decided by those concerned
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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 who holds a position under another for wages/salary
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Entrepreneurs
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An individual who undertakes the creation, organization, and ownershiop of a business
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Entrepreneurship
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process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business
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Equilibrium Price
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The price at which consumers buy all of a product that is supplied; at the point there is no surplus/shortage
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Free Enterprise System
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An economic system in which people have right to make economic choices of what to buy, to own property, and to choose to a start a business
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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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Capitalistic system in which there is free competition and supply/demand controls the prices
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Memorandum
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a record or written statement of something, often a reminder between two employees
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Monopoly
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A market structure in which a particular commodity 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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Productivity
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A measure of how much a business produces in a given time, or the output of each worker per unit of time
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Scarcity
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The difference between demand and supply; limited resources
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Self-Assessment
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evaluating oneself
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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 manufacturers introduce new items and promote established products and services
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