| Term | Definition |
|---|
| entrepreneur | an individual who undertakes the creation, organization, and ownership of a business |
| venture | a business undertaking involving risk, require a variety of skills and knowledge |
| entrepreneurship | the process of getting into and operating one's own business |
| entrepreneurial | of or having to do with an entrpreneur |
| Economics | the study of the decisions or choices that go into making,distributing,and consuming products |
| free enterprise system | the right to make choices is most important |
| Profit | money that is left after all the expenses of running a businessthat have been deducted from the income |
| services | are intangible products |
| factors of production | the resources that business use to produce the goods and services that people want |
| scarcity | wants are greater than resources |
| demand | amount or quantity of goods or services that consumers are willing and able to buy |
| elastic | a small change in the price of an item cause a significant change in the quantity demanded |
| inelastic | a change in prices has little or no effect on the quantity demanded |
| diminishing marginal utility | when people buy more that they can reasonably use |
| equilibrium | point at which consumers buy all of a product that is supplied |
| environment | all those variable that affect it that are not controlled by the entrepreneur |
| enterprise zones | new business locating there and grants for new product development |
| opportunity | idea that has commercial value |
| start-up resources | an entrepreneur needs to start a business include capital,skilled labor,management expertise,legal and rfinanical advice,a facility, equipment, and customers |
| new venture organization | is the shell that surrounds all the products,process,and service that are part of the new business |
| business failure | business that filies Chapter 7 bankruptcy and loses money for creditors,the people who lent them money,and their investors |
| discontinuance | a business that is operating under new name or business that has been purposely discontinued to start a new one |
| competition | striving for the same customers or market |
| investment | amount of money one puts into a businessas capital |
| capital | needed to produce a product, or the money used to buy these things |
| enterprise | a 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 |
| internet | a large computer network linking smaller computer network worldwide |
| profile | a set of characteristics or qualities that identify a type ora category of person |
Combine with other sets
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