JAS CHAPTER 1
Terms
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- INELASTIC
- IF CHANGE IS LITTLE NO EFFECT ON THE QUANTITY DEMAND
- factors of production
- RESOURCES THAT BUSINESSES USE TO PRODUCE THE GOODS AND SERVICES THAT PEOPLE WANT
- DIMINISHING MARGINAL UTILITY
- WILL NOT BUY MORE THAN THEY CAN REASONABLY UES
- economics
- the study of the decisions or choices that go into making, distributing, and consuming products
- START UP RESOURCES
- AN ENTREPRENUER NEEDS TO START A BUSINESS INCLUDE CAPITAL, SKILLED LABOR, MANAGEMENT EXPERTISE, LEGAL AND FINANCIAL ADVICE, A FACILITY, EQUIPMENT, AND CUSTOMERS
- services
- intangible products
- COMPETITION
- STRIVING FOR THE SAME CUSTOMER OR MARKET, AN ENTRPRENUER FACES MANY COSTS AND RISKS
- NEW VENTURE ORGANIZATION
- THE SHELL THAT SURROUNDS ALL THE PRODUCTS, PROCESSES, AND SERVICES THAT ARE PART OF A NEW BUSINESS
- entrepreneurial
- means of or having to do with an entreprenuer or entreprenuers
- venture
- a business undertaking and involving risk, requires a variety of skills and knowledge.
- free enterprise
- the right to make economic choices
- ELASTIC
- A SMALL CHANGE IN THE PRICE OF AN ITEM CAUSES A SIGNIFICANT CHANGE IN THE QUANTITY DEMAND
- DISCONTINUANCE
- MIGHT BE A BUSINESS THAT IS OPERATING UNDER A NEW NAME OR A BUSINESS THAT HAS BEEN PURPOSELY DISCONTINUED TO START A NEW ONE
- INVESTMENT
- THE AMOUNT OF MONEY
- OPPORTUNITY
- AN IDEA THAT HAS COMMERCIAL VALUE
- BUSINESS FAILURE
- BANKRUPTCY AND LOSES MONEY FOR CREDITORS, THE PEOPLE WHO LENT THEM MONEY, AND THIER INVESTORS
- entreprenuership
- the process of getting into and operating one's own business
- profit
- money that is left after all the expenses of running a business have been deducted from the income
- EQUILIBRIUM
- THE POINT AT WHICH CONSUMERS BUY ALL OF A PRODUCT THAT IS SUPPLIED, LEAVING NEITHER A SURPLUS NOR A SHORTAGE
- ENVIRONMENT
- INCLUDES ALL THOSE VARIABLES THAT AFFECT IT THAT ARE NOT CONTROLLED BY AN ENTREPRENEUR
- entreprenuer
- an individual who undertakesthe creation, orgaization, and ownership of a business.
- ENTERPRISE ZONES
- DESIGNATED AREAS OF A COMMUNITY THAT PROVIDE TAX BENEFITS TO NEW BUSINESSES LOCATING THERE AND GRANTS FOR NEW PRODUCT DEVELOPEMENT