| Term | Definition |
|---|
| Entrepreneur | An individual who undertakes the creation, organization, and ownership of a business. |
| Venture | A business undertaking involving risk. |
| 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 is most important. |
| Profit | Money that is left after all the expenses of running a business have been deducted from the income. |
| Services | Intangible products. |
| Factors of Production | Land, labor, entrepreneurship, and capitial |
| Scarcity | When wants are greater than resources. |
| Demand | The 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. |
| Dmimishing marginal utility | When people buy more than they can reasonably use. |
| Equilibrium | 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 | They are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development. |
| Opportunity | 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 | The shell that surrounds all the products, processes, and services that are part of the new business. |
| Business failure | People who lend money and investors of a business that files chapter 7 bankruptcy and loses money for creditors. |
| Discontinuance | A business that is operating under a new name or a business that has been purposely discontinued to start a new one. |
| Competiton | Striving for the same customer or market. |
| Investment | The amount of money one puts into a business as capital. |
| Capital | Includes the buildings, equipment, tools, and other goods needed to produce a product, or the money used to buy these things. |
| Enterprise | A company that is organized for commercial purpoese. |
| Role model | A person whose attitudes and achievements they tried to emulate. |
| Foundational Skills | Math, communication, and decision-making-skills that entrepreneurs use regularly in setting up and running a business. |
| Internet | A large computer network linking smaller computer networks worldwide. |
| Profile | A set of characteristics or qualities that identify a type or category of person. |
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