| Term | Definition |
|---|
| Entreprenuerer | an individual who undertakes the creation, orginization, and ownership of a business |
| venture | a business undertaking involoving risks |
| Entreprenuership | the process of getting into and operating one's business |
| Entrepreneurial | Means of or having to do with an entrepreneur or entrepreneurs. |
| 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 people are free to operate their businesses as they see fit, with little government interference. |
| profit | the amount of money left over after expenses are taken out |
| services | intangible products |
| factors of production | resources necessary to produce goods and services |
| Scarcity | when wants are greater than resources |
| Demand | the amount of goods and services people are willing to buy |
| Elastic | decribes demand that is very sensitive to a change in price |
| inelastic | a given change in price causes a relatively smaller change in the quantity demanded |
| Diminishing marginal utility | Decreasing satisfaction or usefulness as additional units of a product are acquired. |
| Equilibrium | THE POINT AT WHICH CONSUMERS BUY ALL OF A PRODUCT THAT IS SUPPLIED, LEAVING NEITHER A SURPLUS NOR A SHORTAGE |
| environment | a person's surroundings and everything in them, including both human and non-human factors |
| enterprise zone | specially designated areas of a community that provide tax benefits to new businesses |
| opportunity | An idea that has commercial value |
| start-up resources | Capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and most important, customers |
| new venture organization | 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. |
| 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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