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Vocabulary

QuestionAnswer
Entrepreneur an individual who undertakes the creation, organization, and ownership of an innovative business with potential for growth
Venture new business undertaking which involves risk
Economics study of how people use their resources to satisfy wants and needs
free enterprise system People choose what they buy, can own property, can choose to start a business and make a profit, and has competition
profit money after all expenses have been paid
oligopoly Few competing firms: Auto industry=good example, Several large firms influence price
goods physical products of companies that they use to sell to people to make a profit
services tasks assigned to employees designed to help people with everyday things
need a thing you have to have in order to survive
want something that you want, but is not necessary, to or for life
factors of production labor, land, capital, entrepreneurship
scarcity few and far between, money needs to be this
market structure nature and degree of competition among businesses in the same industry
monopoly one seller dominates the industry
demand a want for something in society
elastic demand price changes, demand changes
inelastic demand price changes, demand does not change
diminishing marginal utility price alone does not determine demand
supply how much of an item you have
equilibrium demand and supply balance out/equal each otherq
Gross Domestic Product sum of all goods made in a country; the higher it is, the better standard of living
business cycle composed of 4 parts - Prosperity, Recession, Depression, and Recovery
Created by: jrmckain
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