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Kalen 1.1

Entrepenuer vocab

QuestionAnswer
Entrepenuer someone who takes on the undertaking of the creation of a business
Venture risky or daring journey or undertaking
Economics branch of knowledge concerned with the production, consumption, and transfer of wealth.
Free Enterprise System It's FREE!!!
Profit Money you are making
Oligopoly A state of limited competition, in which a market is shared by a small number of producers or sellers.
Goods Items you sell
Services Things you do for consumers
Need Something that is necessary
Want Something that is not necessary
Factors of Production In economics, factors of production are any commodities or services used to produce goods
Scarcity a small and inadequate amount
Market Structure degree competition
Monopoly One seller has control over supply
Demand What the consumer wants
Elastic Demand Change in price changes demand
Inelastic Demand Change in price makes little change in demand
Diminishing Marginal Utility In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease)
Supply How much you have of an item
Equilibrium A state in which opposing forces or influences are balanced.
Gross Domestic Product The total value of goods produced and services provided in a country during one year
Buissness Cycle A cycle or series of cycles of economic expansion and contraction
Want Something you can't live without
Created by: kcingalsbe