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21 Cards in this Set

  • Front
  • Back
Aptitude
Capacity for learning
Brainstorming
thinking freely in order to generate ideas
Capitalism
economic system characterized by a free market
Command Economy
an economic system that is characterized by central authority and production is publicly owned
Consensus
group judgement decided by those concerned
Demand
The quantity of goods or services that consumers are willing and able to buy at various prices
Employees
one who holds a position under another for wages/salary
Entrepreneurs
An individual who undertakes the creation, organization, and ownershiop of a business
Entrepreneurship
process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business
Equilibrium Price
The price at which consumers buy all of a product that is supplied; at the point there is no surplus/shortage
Free Enterprise System
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
Functions of Business
production, marketing, management, and finance
Market Economy
Capitalistic system in which there is free competition and supply/demand controls the prices
Memorandum
a record or written statement of something, often a reminder between two employees
Monopoly
A market structure in which a particular commodity has only one seller
Opportunity Cost
The cost associated with giving up the use of money tied up in inventory
Productivity
A measure of how much a business produces in a given time, or the output of each worker per unit of time
Scarcity
The difference between demand and supply; limited resources
Self-Assessment
evaluating oneself
Supply
the amount of goods or services that producers are willing to provide
Trade Show
A gathering or exhibition where vendors and manufacturers introduce new items and promote established products and services