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Unit 1: The World of Entrepreneurship

The ability to learn a particular kind of job Aptitude
A creative group problem-solving technique that involves generating a large number of fresh ideas Brainstorming
The private ownership of resources by individuals rather than by the government Capitalism
The government determines what, how, and for whom products and services are produced Command economy
An agreement among a group of people Consensus
An individual's need or desire for a product or service at a given price Demand
People who work for someone else Employees
People who own, operate, and take the risk of a business venture Entrepreneurs
The process of running a business of one's own Entrepreneurship
The point at which the supply and demand curves meet Equilibrium price and quantity
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 (market economy) Free enterprise system
Production, marketing, management, and finance Functions of business
Individuals decide what, how, and for whom goods and services are produced Market economy
A short written form of business communication that has a set format Memorandum
One company controls the entire market Monopoly
The cost of choosing one opportunity or investment over another Opportunity cost
Level of output received from each worker Productivity
A situation that occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited Scarcity
Evaluation of one's strengths and weaknesses Self-assessment
How much of a good or service a producer is willing to produce at different prices Supply
Special meeting at which companies display their products Trade show
Created by: myawn01