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Entreprenuership
Vocabulary
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 individuals 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 ones 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 form each worker |
Scarcity | A situation that occurs when peoples needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited |
self-assessment | evaluation of ones 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 product |