| Term | Definition |
|---|
| Entrepreneur | Individual who undertakes the creation, organization, and ownership of a business |
| Venture | A business undertaking involving risk, skills and knowledge |
| Entrepreneurship | the process of getting into and operating one's own business |
| Entrepreneurial | Means 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 | The right to make economic choices |
| Profit | Money left after all the expenses of running a business have been deducted from the income |
| Services | Intangible products |
| Factors of Production | resources necessary to produce goods and services |
| Scarcity | When wants are greater than resources |
| Demand | Amount or quantity of goods or services that consumers are willing and able to buy |
| Elastic | When a small change in the price of an item causes a significant change in the quantity demanded |
| Inelastic | When a change in price has little or no effect on the quantity demanded |
| Diminishing marginal utility | the principle establishing that price alone does not determine demand |
| Equilibrium | Point at which consumers buy all of a product that is supplied, leaving neither a surplus nor a shortage |
| Environment | All variables that affect a business that are not controlled by the entrepreneur |
| Enterprize Zones | Incentives to create new businesses |
| Opportunity | An idea that has commercial value |
| Start-up Resources | Capital, skilled labor, management expertise, legal and financial advice, facility, equipement, and customers |
| New venture organization | The shell that surrounds all the products, processes, and servies that are part of a new business |
| Competition | Striving for the same customer or market |
| Investment | The amount of money one puts into a business |
| Capital | Money, building, equipment, tools, and other goods needed to produce a product |
| Enterprise | Company that is organized for commercial purposes. |
| Role Model | A person whose attitudes and achievements they tried to emulate |
| Foundational Skills | Math, communication, and decision-making skills used in setting up and running a business |
| Internet | Large computer network linking smaller computer networks worldwide |
| Profile | Set of characteristics or qualitites that identify a type or a category of person |
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