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Entrepreneurship Voc
Entrepreneurship: Unit 1 Vocabulary for Rogers Public Schools
Term | Definition |
---|---|
Aptitude | The ability to learn a particular kind of job |
Brainstorming | A creative group problem-solving technique that involves generating a large number of fresh ideas |
Capitalism | The private ownership of resources by individuals rather than by the government |
Command Economy | The government determines what, how, and for whom products and services are produced |
Consensus | An agreement among a group of people |
Demand | An individual's need or desire for a product or service at a given price |
Employees | People who work for someone else |
Entrepreneurs | People who own, operate, and take the risk of a business venture |
Entrepreneurship | The process of running a business of one's own |
Equilibrium Price and Quantity | the point at which the supply and demand curves meet |
Free Enterprise System | An economic system in which people have the right to make choices of what products to buy, whether to own private property, or whether to start a business and compete with other businesses |
Functions of Business | Production, Marketing, Management, and Finance |
Market Economy | Individuals decide what, how and for whom goods and services are produced |
Memorandum | A short written form of business communication that has a set format |
Monopoly | One company controls the entire market |
Opportunity Cost | The cost of choosing one opportunity or investment over another |
Productivity | Level of output received from each worker |
Scarcity | A situation that occurs when people's needs and wants are unlimited and the resources to produce the goods and serviced to meet those needs and wants are limited |
Self-assessment | Evaluation of one's strengths and weaknesses |
Supply | How much of a good or service a producer is willing to produce at different prices |
Trade Show | Special meeting at which companies display their products |