23 terms

Entrepreneurship Vocab.

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Market Structure
Nature and degree of competition among businesses operating in same industry.
Supply
Amount of goods or service that producers are willing to provide.
Entrepreneur
Individual who undertakes the creation, organization, and ownership of a business.
Goods
Physical products that satisfy consumers' wants or needs.
Profit
Money left over after all expenses of running a business have been deducted from the income.
Equilibrium
Point at which consumers buy all of a product that is supplied.
Demand
Quantity of goods or services that consumers are willing and able to buy at various places.
Scarcity
Difference between demand and supply.
Free Enterprise System
Economic system found in most democratic nations.
Need
A basic requirement for survival.
Services
Nonphysical products that satisfy consumers' wants and needs.
Entrepreneurship
Process of recognizing and testing an opportunity and gathering resources necessary to go into business.
Venture
A new business undertaking that involves risk.
Economics
Study of how people allocate scarce resources to fulfill their unlimited wants.
Business Cycle
General pattern of an economy's expansion and contraction.
Diminishing Marginal Utility
Effect or law that establishes that price alone does not determine demand.
Factors of Production
Resources businesses use to produce goods and services.
Inelastic Demand
Situations in which a change in price has little or no effect on demand.
Monopoly
Market structure in which a particular commodity has only one seller.
Elastic Demand
Situations in which a change in prices creates a change in demand.
Oligopoly
Market structure in which there are just a few competing firms.
Gross-Domestic-Product
The total market value of all goods and services produced within a nation during a given period.
Want
Something that you do not have to have for survival, but would like to have.