| Term | Definition |
|---|
| Entrepreneur | someone who organizes a business venture and assumes the risk for it |
| Venture | any venturesome undertaking especially one with an uncertain outcome |
| Entrepreneurship | the process of starting, organizing, managing, and assuming the responsibility for a business |
| Entrepreneurial | willing to take risks in order to make a profit |
| Economics | the branch of social science that deals with the production and distribution and consumption of goods and services and their management |
| Free Enterprise system | An economic system in which individuals depend on supply and demand and the profit margin to determine what to produce, how to produce, how much to produce, and for whom to produce. The quest for improvement financially and materially motivates consumers and producers. |
| Profit | the advantageous quality of being beneficial |
| Services | performance of duties or provision of space and equipment helpful to others |
| Factors of production | land, labor, and capital; the three groups of resources that are used to make all goods and services |
| Scarcity | a small and inadequate amount |
| Demand | the act of demanding |
| Elastic | able to adjust readily to different conditions |
| Inelastic | not elastic |
| Diminishing marginal utility | successive units of a particular product yield less and less marginal utility |
| Equilibrium | a sensory system located in structures of the inner ear that registers the orientation of the head |
| Environment | the area in which something exists or lives |
| Enterprise zones | specific geopgraphic areas to which governments try to attract private business investment by offering lower taxes and other gov. support |
| Opportunity | a possibility due to a favorable combination of circumstances |
| Start up Resources | AN ENTREPRENUER NEEDS TO START A BUSINESS INCLUDE CAPITAL, SKILLED LABOR, MANAGEMENT EXPERTISE, LEGAL AND FINANCIAL ADVICE, A FACILITY, EQUIPMENT, AND CUSTOMERS |
| New Venture organizations | the shell that surrounds all the products, processes, and services that are part of the new business |
| Business Failure | People who lend money and investors of a business that files chapter 7 bankruptcy and loses money for creditors. |
| Discontinuance | the act of discontinuing or breaking off |
Combine with other sets
Share on Facebook
Share on MySpace