| Term | Definition |
|---|
| entrepreneur | An individual who undertakes the creation, organization, and ownership of a business. |
| venture | A business undertaking involving risk |
| entrepreneurship | The process of getting into and operating one's own business |
| entrepreneurial | Of or having to do with an entrepreneur or entrepreneurs |
| economics | The study of the decisions or choices that go into making, distributing, and consuming products. |
| Free Enterprise System | Econmic system in which people have the right to make economic choices of what products to buy, whether or not to own private property,or to start a business. |
| Profit | Money that is left after all expenses of running a business have been deducted from the income |
| Services | Intangible products that our economic system produces to satisfy our wants |
| Factors of Production | resources necessary to produce goods and services |
| Scarcity | When wants are greater than resources |
| Demand | The amount or quanity of goods or services that consumers are willing and able to buy |
| Elastic | Term to describe a product for which a small change in price causes a significant change in the quantity demanded |
| Inelastic | If a change in price has little or no effect on the quantity demanded, we say that demand for the item is |
| Diminishing Marginal Utility | The prinicle establishing that price alone does not determine demand |
| Equilibrium | The point at which comsumers buy all of a product that is supplied, leaving neither a surplus nor a shortcut |
| Environment | Elements affecting a busniess that are not controlled by the entrepreneur |
| Enterprise Zones | Specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development |
| Opportunity | An idea that has commericial value |
| Start-up Resources | Resources an entrepreneur needs to have when starting a business, including capital, skilled labor, management expertise, legal and financial advice ,a facility, equipment, and most importantly, customers |
| New Venture Organzation | The shell thaqt surrounds all the products, processes, and services that are part of the new business |
| Business Failure | A business that files Chapter 7 bankruptcy and loses money for creditors, the people who lent them money, and their inventors |
| Discontinuance | A business that is operating under a new name or a business that has been purposely discontinued to start a new one |
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