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30 Cards in this Set
- Front
- Back
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Entrepreneur |
An individual who undertakes the creation, orginization, and orginization, and ownership of a buisness. |
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Venture |
A new buisness undertaking that involves risks. |
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Entrepreneurship |
The process of recognizing and opportunity, testing it in the market, and gathering resources necessary to go into buisness. |
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Entrepreneurial |
Acting like an entrepreneur or having an entrepreneurial mind- set. |
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Economomics |
The study of how people choose to allocate scarce resources to fulfill their unlimited wants. |
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Free Enterprise System (Capitalism or market economy) |
People have an important right to make ecomomic choices: -People can choose what products to buy. -People can choose to own private property. -People can choose to start a business and compete with other businesses. |
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Profit |
Money that is left after all expenses of running a buisness have been deducted from the income. |
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Market Structure |
The nature and degree of competition among buisnesses operating in the same industry. (Affects market price) |
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Monopoly |
A market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices. |
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Oligopoly |
A market structure in which there are just a few competing firms. |
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Goods |
Tangiable or physical products. |
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Services |
intangible or nonphysical products. |
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Need |
A basic requirement for survival, such as food and shelter. |
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Want |
Something that you do not need for survival, but would like to have. |
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Factors of production |
The resources buisnesses use to produce the goods and services that people want. |
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Sarcity |
Occurs when demand exceeds supply. (limited supply). |
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Demand |
The quanity of goods or services that consumers are willing and able to buy. |
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Elastic demand |
Refers to situations in which a change in price creates a change in demand. |
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Inelastic Demand |
Refers to situations in which a change in price has very little effect on demand for products. |
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Diminishing marginal utility |
The law of diminishing marginal utility establishes that price alone does not determine demand |
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Supply |
The amount of a good or service that producers are willing to provide. |
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Equilibrium |
The point at which consumers buy all of a product that is supplied. |
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Gross Domestic Product |
The total market vaules of goods and services produced by workers and capital within a nation during a given period |
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Buisness cycle |
The general pattern of expansion and contraction that the economy goes through. |
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Enterprise zones |
Specially designated areas of a community that provide tax benefits to new buisnesses locating there. |
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Opportunity |
An idea that has commerical vaule. |
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Start- up resources |
includes capital, skilled labor, management expertise, legal and financial advice, facility, equitment, adn customers needed to start a buisness. |
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New Venture Organization |
The infrastucture of the buisness |
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Buisness Failure |
A buisness that has stopped operating with a loss to creditors |
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Discontinue |
May be a business that is operating under a new name. |
