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Entrepreneurship 1.1

Vocab

QuestionAnswer
entrepreneur inidividual who undertakes the creation, organization, and ownership of a business
venture new business undertaking that involves risk
economics study of how people choose to allocate scarce resources to fulfill their unlimited wants
free enterprise system also called capitalism
profit money kept after all expenses of running a business have been deducted from income
oligopoly market structure in which there are few competing firms
goods tangible products
services intangible products
want something you do not have to have for survivial
need basic requirement for survivial
factors of production resources busineses use to produce goods and services people want
scarcity demand exceeds supply
market structure nature and degree of competition among businesses operating in the same industry
monopoly market structure in which only who company has control of the industry
demand quantity of goods/services consumers are willing and able to buy
elastic demand change in price creates a change in demand
inelastic demand change in price has very little effect on demand
diminishing marginal utility price alone does not determine demand
supply amount of goods/services producers are willing to provide
equilibrium point at which consumers buy all of a product that is supplied
Gross Domestic Product total market values of goods and services produced by a nation during a given period
business cycle periodic random pattern of expansion and contraction the economy goes through
Created by: ahanson307
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