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Kalen 1.1
Entrepenuer vocab
Question | Answer |
---|---|
Entrepenuer | someone who takes on the undertaking of the creation of a business |
Venture | risky or daring journey or undertaking |
Economics | branch of knowledge concerned with the production, consumption, and transfer of wealth. |
Free Enterprise System | It's FREE!!! |
Profit | Money you are making |
Oligopoly | A state of limited competition, in which a market is shared by a small number of producers or sellers. |
Goods | Items you sell |
Services | Things you do for consumers |
Need | Something that is necessary |
Want | Something that is not necessary |
Factors of Production | In economics, factors of production are any commodities or services used to produce goods |
Scarcity | a small and inadequate amount |
Market Structure | degree competition |
Monopoly | One seller has control over supply |
Demand | What the consumer wants |
Elastic Demand | Change in price changes demand |
Inelastic Demand | Change in price makes little change in demand |
Diminishing Marginal Utility | In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) |
Supply | How much you have of an item |
Equilibrium | A state in which opposing forces or influences are balanced. |
Gross Domestic Product | The total value of goods produced and services provided in a country during one year |
Buissness Cycle | A cycle or series of cycles of economic expansion and contraction |
Want | Something you can't live without |