Ch. 1 Entrepreneurship
Terms
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- Equilibrium
- the point at which consumers buy all of a product that is supplied.
- Foundational Skills
- math, communication, and decision making are used regulary.
- Opportunity
- an idea that has commercial value.
- Start-up Resources
- an entrepreneur needs to start a business include capital, skilled labor, managment expertise, lega and financial adivce, a facility, equipment, and customers.
- Free Enterprise System
- the right to mak economic choices is most inportant.
- Capital
- goals needed to produce a product.
- Profile
- a set of characeristics or qualities that identify a type or a category of a person.
- Discontinunce
- business that is operating under a new name.
- Entreprenurship
- the process of getting into and operating a business.
- Venture
- a business undertaking involving risk.
- Internet
- large computer network linking smaller computer networks worldwide.
- Factors of Production
- the resources that businesses use to produce the goods and services that people want.
- Inelastic
- if the price has little or no effect on the quantity demanded.
- Entrepreneurial
- having to do with an entrepreneur(s).
- Diminshing Marginal Utility
- it establishes that price alone does not determine demand.
- Enviroment
- includes all those variables that affect it are not controlled bu the entreprenuer.
- Business Failure
- a business that files bankruptcy and loses money
- Investment
- the amount of money one puts into a business
- Enterprise Zones
- which are speciallly designated areas of a community that provide tax benefits locating and grants of new businesses locating their
- Services
- intangibale (or conceptual) poducts
- Profit
- money that us left over after all the expenses have been deducted from the income.
- Elastic
- if a small change in the price of an item causes a significant change in the quantity demanded.
- Enterprise
- a company that is organized for commercial purposes.
- Competition
- striving for the same customer or market
- New Venture Organization
- all the components of the new venture process come together in the organization of a comapny to execute the new business
- Role Model
- a person whose attitudes and achievments they tried to emulate.
- Economics
- the study of the decision or chiocs that go into making, distributing, and consuming products.
- Entrepreneur
- an individual who undertakes the creation, organization, and ownership of a business.
- Scarcity
- when wants are greater then resources.