an individual who undertakes the creation, organization, and ownership of a business
a business undertaking involving risk
the process of getting into and operating one's own business
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
money that is left after all the expenses of running a business have been deducted from the income
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
when wants are greater than resources
the amount or quantity of goods or services that consumers are willing and able to buy
when a small change in price produces a large change in demand
when a small change in price produces little or no effect on the quantity demanded
elements affecting a business that are not controlled by the entrepreneur
specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development
an idea that has commercial value
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
a business that files bankruptcy and loses money for creditors, the people who lent them money, and their investors
a business that is operating under a new name or a business that has been purposely discontinued
striving for the same customer or market
the amount of money one puts into a business as capital
the buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items
a company that is organized for commercial purposes
math, communication, and decision-making skills that entrepreneurs use regularly in setting up and running a business
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