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1.1 Entrepreneurship

Vocab

QuestionAnswer
Entrepreneur individual who undertakes the creation, orginization, and ownership of an innovative business with potential for growth
Venture new business undertaking which involves rish
Economics study of how people use their resources to satisfy wants and needs
Free Enterprise System people choose what to buy, people can own property, people can choose to start a business to make a profit, the competition is GREAT!!!
Profit amount of money made after expenses are paid
Oligopoly few competing firms, auto industry is a good example, several large firms have influence over price
Goods tangible
Services intangible
Need basic requirement for survival
Want don't need it to survive
Factors of Production resources businesses use to produce goods and services: labor, entrepreneurial, capitol, and land
Scarcity not enough, shortage
Market Structure nature and degree of compitition among businesses in the same industry
Monopoly one seller has control over supply/price, discouraged in free enterprise
Demand amount of product public is wanting
Elastic Demand change in price creates change in demand
Inelastic Demand change in price has little effect on demand
Diminishing Marginal Utility price alone does not determine demand
Supply qty producers are willing to provide
Equilibrium neither shortage nor surplus/just right
Gross Domestic Product gross national product excluding payments on foreign investments
Business Cycle periodic random pattern of expansion and contradiction the economy goes through
Created by: kchristensen2013
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