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23 terms

Entrepreneurship Key Terms

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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
economics
the branch of social science that deals with the production and distribution and consumption of goods and services and their management
free enterprise system
an economic system in which people are free to operate their businesses as they see fit, with little government interference
profit
money that is left after all the expenses of running a business have been deducted from the income
services
intangible items that have monetary value and satisfy needs and wants
factors of production
resources of land, labor, capital, and entrepreneurship used to produce goods and services
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 price produces a large change in demand
inelastic
when a small change in price produces little or no effect on the quantity demanded
environment
elements affecting a business that are not controlled by the entrepreneur
enterprise zones
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
resources an entrepreneur needs to have when starting a business, including capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and most imprtantly, customers
business failure
a business that files bankruptcy and loses money for creditors, the people who lent them money, and their investors
discontinuance
a business that is operating under a new name or a business that has been purposely discontinued
competition
striving for the same customer or market
investment
the amount of money one puts into a business as capital
capital
the buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items
enterprise
a company that is organized for commercial purposes
foundational skills
math, communication, and decision-making skills that entrepreneurs use regularly in setting up and running a business