| Term | Definition |
|---|
| entrepreneur | A person who undertakes the creation, organization, and ownership of a business. |
| venture | A business undertaking that involves risk. |
| entrepreneurship | The process of getting into and operating your own business. |
| entrepreneurial | Of or having to do with entrepreneurs. |
| economics | The study of the decisions or choices that go into making, distributing, and consuming products. |
| free enterprise system | An economic system where people can choose the things they buy, property they own, and businesses they operate. |
| profit | What is left after all the expenses of running a business are deducted from the income. |
| services | Intangible, conceptual products. |
| factores of production | The resources that businesses use to produce the goods and services. |
| scarcity | When resources are limited, but wants are unlimited. |
| elastic | Demand for a product that is not significantly when there is a small change in price. |
| inelastic | Demand for a product that is not significantly affected when the item's prices changes. |
| equilibrium | the point at which consumers buy all that is supplied of a product without causing a shortage. |
| diminishing marginal utility | a principle that states that factors other than price affect demand, such as income and taste. |
| entriprise zones | speccially designated areas of a community that provides tax benifits to new businesses locating there and grants for new product development. |
| start-up resources | the tings an entrepreneur needs to start a business, including capital, skilled labor, and customers. |
| enviroment | all the things that affect a new business but are not controlled by the enviroment. |
| new venture organization | the structure that executes a new business, giving orders to its products, process, and services. |
| discontinuence | a business that has changed somehow, as with a change of name or legal status.. |
| opportunity | an idea that has commercial value. |
| business failure | a business that files Chapter 7 bankruptcy and loses mony for creditors and investors. |
Combine with other sets
Share on Facebook
Share on MySpace
!