| Term | Definition |
|---|
| free enterprise | The economic system most characteristic of democtratic nations |
| environment | All those variables that affect the business that are not controlled by the entrepreneur. |
| Elastic demand | A small change in the price of an item causes a significant change in the quantity demanded. |
| equilibrium | The price point at which they supply and demand curves meet |
| entrepreneurship | The creation, organization and ownership of a business with the intent of creating value. |
| discontinuances | Businesses that disappear from public lists but have not necessarily failed. |
| inelastic demand | A change in price has little or no effect on the quantity demanded |
| opportunity | An idea that has commercial value |
| supply | The amount of a good or service that producers are willing to provide. |
| economics | The study of the decisions or choices that go into making, distributing, and consuming products |
| wealth | Business ownership is the pricipal vehicle for creating |
| technology | has/have shortened the time it takes to introduce a new product |
| competition | forces companies to become more efficient to survive |
| price | businesses compete on the basis of this and non-price features |
| goods | and services are the products that our economic system produces to satisfy our wants |
| environment | all those variables that affect the business but are not controlled by the entreprenur are part of this |
| land | is/are the natural resources upon and beneath the earths's surface |
| capital | consist(s) of the equipment, factories, tools, and other goods needed to produce a product |
| principle of diminishing marginal utility | establish(es) that price alone does not determine demand |
| entrepreneurs | is/are the mechanism by which our economy turns demand into supply |
Combine with other sets
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