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Entrepreneurship 1.1

Vocab

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 seeds.
Free Enterprise System 1. People choose what to buy. 2. People can own property. 3. People can choos to start a business to make a profit. 4. Competition forces companies to improve quality and become more efficient.
Profit Revenue
Oligopoly The market condition that exists when there are few sellers, as a result of which that can greatly influence price and other market factors.
Goods Merchandise
Services Providing an activity.
Need Required for survival.
Want Not required for survival, only for comfort.
Factors of Production Labor, Entrepreneurial, Capitol, Land
Scarcity Short supply.
Market Structure Nature and degree of completion among businesses in the same industry.
Monopoly Exclusive control of a commodity or service in a particular market.
Demand To call for or require as just, proper, or necessary.
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 To furnish or provide with what is lacking or requisite.
Equilibrium A state of rest or balance due to the equal action of opposing forces.
Gross Domestic Product Gross national product excluding payments on foreign investments.
Business Cycle Periodic random of expansion and contraction the economy goes through.
Created by: mpieschl