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Entrepreneurship Mid Term Test
Terms in this set (78)
Recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.
Money that is left after all expenses of running a business have been deducted from the income. It is one way of measuring success in a free enterprise system.
The economic system most characteristic of democratic nations.
A new business undertaking that involves risk.
The general pattern of expansion and contraction that the economy goes through.
Tangible (or physical) products.
An idea that has commercial (something that makes a profit) value.
Intangible (nonphysical) products
Buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these things.
A type of market structure where there are few sellers. It is similar to an oligopoly and monopoly but collusion enables the sellers to act like a monopoly since they set the price.
The rivalry among businesses for consumer dollars.
A cooperative is a business or organization owned by and operated for the benefit of those using its services. Cooperatives are common in the healthcare, retail, agriculture, art and restaurant industries.
A business registered by a state and operates apart from its owners.
The study of behavior and morals in a business situation
A legal agreement to begin a new business in the name of a recognized company
The interconnected economies of the nations of the world.
The amount of money a person puts into his or her business as Capital.
A productive industry using mechanical power and machinery in the process of making products.
Refers to the nature and degree of competition among businesses operating in the same industry. It affects market price
A market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices. They are discouraged in free markets.
A legal entity that makes money for reasons other than the owner's profit. It can make a profit, but the profit must remain within the company and not be distributed to shareholders.
A market structure in which there are just a few competing firms. For example, several large companies have dominated the automobile industry for decades.
A business that conducts business by means of the Internet.
An unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits
The business of selling (something) to customers for their own use.
An organization or business that supplies some public demand or provides maintenance and repair for something "bus service" "television sales and service".
A business that is owned and operated by one person.
The business of selling things in large amounts to other businesses rather than to individual customers
The prevailing atmosphere or attitude.
The process of exchanging information. Traditional channels are interpersonal, departmental, interdepartmental, and company-wide.
Skills that enable a person to understand concepts, ideas, and principles.
The process of comparing your expected results (your objectives) with actual performance.
the process of guiding and supervising employees, often one-on-one, while they work.
The study of how people relate to each other. Tied closely to communication skills.
The mental picture and feelings people have when thinking about the business.
A person who is responsible for directing and controlling the work and personnel of a business.
The process of building and maintaining information relationships with people whose friendship could bring business opportunities. Networking skills can help you reach your goals.
The grouping of resources in combinations that will help you reach your objectives.
The act of setting goals, developing strategies, and outlining tasks and timelines to meet those goals.
Quality Control Program
A set of measures built into the production process to make sure that products or services meet certain standards and performance requirements.
Adapting the management approach to particular circumstances
Involves activities designed to encourage teamwork. The development of respect, trust, cooperation, camaraderie, and communication among employees.
The process of allocating time effectively
An acronym for Blind Courtesy Copy. When writing an email you may send copies of your email to other people by adding their email address in the bcc field. This is almost the same thing as a courtesy copy(cc) except the recipients in the bcc field do not see the other recipients your email is being sent to.
A standard 2x3 inch card that displays contact information for an individual employed by a company. typically including a person's name, e-mail address, phone number, website, and company name.
A foundational skill desired by entrepreneurs when setting up and running a successful business
A general agreement about something : an idea or opinion that is shared by all the people in a group
Personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation among others
Electronic Mail; Letters that are electronically transmitted by a computer, allowing business people to send communications anywhere in the world, at any time, in an instant.
A system for sending and receiving printed materials (such as documents and drawings) and photographs using telephone lines
A Memo from one person in a company to another.
A number of votes that is more than half of the total number
A short written form of business communication that has a set format.
Not involving words, transmitted through actions and behaviors and includes facial expressions, gestures, posture, eye contact, personal space, and even clothing choices
An orderly and objective presentation of information that assists in decision-making and problem solving.
A brief written account of personal, educational, and professional qualifications and experience, as that prepared by an applicant for a job
A specific group of customers whom a business wishes to reach
The sending of short messages electronically especially from one cell phone to another
A micro blogging network of real-time posts that are limited to 140 characters or less
: a system in which callers can leave recorded messages for you over the telephone; also : a message left using this system
The model of monopolistic competition describes a common market structure in which firms have many competitors, but each one sells a slightly different product.
Pure competition is a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition. Here are some characteristics that define a pure competition.
The current price at which an asset or service can be bought or sold. Economic theory contends that the market price converges at a point where the forces of supply and demand meet.
Defined as expenses that do not change as a function of the activity of a business, within the relevant period. For example, a retailer must pay rent and utility bills irrespective of sales.
A cost that varies in relation to changes in the volume of activity of a business.
A costing method by which the value of a pool of assets or expenses is assumed to be equal to the average cost of the assets or expenses in the pool.
The change in total cost that comes from making or producing one additional item. The purpose of analyzing marginal cost is to determine at what point an organization can achieve economies of scale.
In accounting, the sum of fixed costs, variable costs, and semi-variable costs.
The science that deals with the production, distribution, and consumption of commodities. Is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends.
The overall direction in which a nation's economy is moving.
a system of production and exchange of goods and services as well as allocation of resources in a society.
Economic Way of Thinking
A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated.
the development of consumer awareness about a specific product or brand in hopes that they will buy the product or brand
A capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand
The difference between revenue and the cost of making a product or providing a service, before deducting overhead, payroll, taxation, and interest payments.
Damage suffered by a person such as can be seen only on a balance sheet rather than as physical injury to the person or destruction of property.
Return on Investment
A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. ROI measures the amount of return on an investment relative to the investment's cost.
Takes place within an industry when rival companies cooperate for their mutual benefit.