| Term | Definition |
|---|
| Entrepreneur | is an individual who undertakes the creation, orginization, and ownership of a business. |
| Venture | a business undertaking involving risk, requires a variety of skills and knowledge. |
| Entrepreneurship | is the process of getting into and operating one's own business. |
| Entrepreneurial | means of or having to do with an entrepreneur or entrepreneurs. |
| Economics | is the study of the decisions or choices that go into making, distributing, and comsuming products. |
| 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 | is money that is left after all the expenses of running a business have been deducted from the income |
| Services | are intangible (or conceptual) products |
| Factors of Production | The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge |
| Scarcity | when wants are greater than your resources |
| Demandis the amount or quantity of | goods and services that consumers are willing and able to buy. |
| Elastic | describes demand that is very sensitive to a change in price |
| Inelastic | describes demand that is not very sensitive to a change in price |
| Diminishing Marginal Utility | the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed |
| Equilibrum | is the point at which consumers buy all of a product that is supplied, leaving neither a surplus nor a shortage. |
| environment | includes all those variables that affect it that are not controlled by the entrepreneur. |
| Enterprise Zones | are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development |
| opportunity | is an idea that has commercial value. |
| start-up resources | an entrepreneur needs to start a business include capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and most important, customers. |
| New Venture organization | is the shell that 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 investors is considered a business failure |
| Discontinuance | might be 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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