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Entrepreneur is an indivdual who understakes the creation, organization, and ownership of an innovative business with potential for growth.
Venture is a new busihess undertaking that involve risk.
Entrepreneurship is the process of recognizing or creating a oppertunity, testing it in the market and gathering the resources necessary to go into business.
Economics is the study of how people choose to allocate scarce resources ro fulfill their unlimited wants
Free Entreprise System people have an important right to make economic choices
Profit is money that is kept after all expenses of running a business have been deducted from the income.
Market Structure refers to the nature and degree of competition among businesses operating in the same industry
Monopoly is a market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices.
Oligopoly is a market structure in which there are just a few competing firms
Goods are tangible (or physical) products
Services are intangible (or non physical) products
Needs is a basic requirement for survival
Want is something that you do not have to have for survival but would like to have.
Factor of production are the resources businesses use to produce the goods and services that poeple want.
Scarcity occurs when demand exceeds supply.
Demand is the quantity of goods or services that consumers are willing and able to buy.
Elastic demand refers to situations in which a change in price creates a change in demand.
Inelastic demand refers to situations in which a change in price has very little effect on demand for products.
Diminishing Marginal Utiliy establishes that price alone does not determine demand.
Supply the amount of good or service that producers are willing to provide.
Equilibrium is the point at which consumers buy all of a product that is supplied.
Gross Domestic Product is the total market values of goods and services produced by a nation during a given period.
Business Cycle is the periodic random pattern of expansion and contraction that the economy goes through.
Enterprise Zones are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development.
Oppertunity is an idea that has commercial potential.
Start-Up Resources include the capital, skilled labor, management expertise, legqal and financial advice, facility, equipment, and customers needed ro start business.
New Venture Organization entrepreneurial start-up process is the execution of the new businesses concept.
Business Failure is a business that has stopped operating with a loss to creditors.
Discontinuance is a business that was purposely discontinued by an owner who wanted to start a new one; the business may also be operating under a new name.
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