DG ch 1&2
Terms
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- entrepreneurial
- means of or having to do with an entrepreneur
- profit
- money that is left after all the expenses of running a business have been deducted from the income
- factors of production
- the resources that businesses use to produce the goods and services that people want
- entrepreneurship
- process of getting into and operating ones own business
- elastic
- a small change in the price of an item causes a significant change in the quantity of the demand
- economics
- the study of the decisions or choices that go into making, distributing, and consuming products
- enterprise zones
- specially designated areas of a community that provide tax benifits to new businesses locating there
- foundational skills
- math, communication, and decision making skills that entreprenuers use
- diminishing marginal utility
- dont buy more than they can use
- equilibrium
- the point at which consumers buy all of a product that is supplied
- profile
- set of characteristics or qualities that identify a type or category of person
- role model
- person whose attitude and achievements people try to emulate
- services
- intangible products
- discontinuance
- business that is operating under a new name or a business that has been jpurposely discontinued to start a new one
- new venture organization
- the shell that surrounds all products
- investment
- amount of money one puts into a businesses capital
- enterprise
- a company that organized for commercial purpose
- start-up resources
- capital, skilled labor, management expertise,
- competition
- striving for the same consumer or market
- internet
- large computer network linking smaller networks worldwide
- free enterprise system
- the right to make economic choices is most important
- venture
- a business undertaking involving risk
- capital
- buildings, equipment, tools, and other goods needed to start a business
- entrepreneur
- an individual who undertakes the creation
- business failure
- a business that files bankruptcy
- scarcity
- when wants are greater than resources
- inelastic
- change in price has little or no effect on the quantity demanded
- environment
- includes all those variables that affect it that are not controlled by the entreprenuer