| Term | Definition |
|---|
| Business Cycle | pattern of expansion and contraction of the economy |
| Supply | the amount producers offer |
| Demand | the amount customers want |
| Venture | new business undertaking that involves risk |
| Monopoly | a market with one business in control |
| Oligopoly | a market with few sellers |
| Equilibrium | the point where supply and demand meet |
| Services | things you can't touch |
| Goods | things you can touch |
| Land | natural resources |
| Labor | employees, workforce |
| Capital | money, equipment |
| GDP | amount of goods produced within a country |
| Want | something you desire |
| Business Failure | a business that has stopped operating |
| Need | a necessity |
| Competition | the rivalry among businesses for consumer dollars |
| Investment | the amount of money a person puts into his or her business as capital |
| Role Model | a person with attitudes and achievements that others wish to emulate |
| Foundation Skills | the skills used in all jobs and when setting up and running a business |
| Profile | a set of characteristics or qualities that identifies a type or category of person |
| Achiever | a person with a record of success |
| Scarcity | giving up one thing in order to have something else |
| Economy | entrepreneurs are important to the nation's |
| Investment | the biggest risk of being in business is the possibility of losing |
| Risk | working long hours is a |
| Reward | being recognized in the community |
| Business Ownership | can be a difficult undertaking |
| Characteristic of Successful Entrepreneurs | being goal-oriented is a |
| Essential Entrepreneur Skill | adaptability |
Combine with other sets
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