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Vocab 1.1
Entrepreneurship
Question | Answer |
---|---|
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 to buy, people can own property, people can choose to start a business to make a profit, Competition is good |
Market Structures | nature and degree of competition among businesses in the same industry |
Monopoly | one seller has control over supply-price |
Oligopoly | few competing firms, several large firms have influence over price |
Goods | tangible-touch and feel |
Services | intangible |
Wants | dont need it to survive |
Needs | basic requirement for survival |
Factors of production | resources business use to produce goods and services |
Demand | quantity consumers willing and able to buy |
Supply | quantity producers willing to provide |
Elastice Demand | change in price creates change in demand |
Inelastic Demand | change in price has little effect on demand |
Equilibrium | when supply equals demand |
Scarcity | a small and inadequate amount |
Profit | a financial gain |
Diminishing Marginal Utility | A psychological generalization that the perceived value of, or satisfaction gained from, a good to a consumer declines with each additional unit acquired or consume |
Business Cycle | Prosperity, Recession, Depression, Recovery |
Gross Domestic Product | The total value of goods produced and services provided in a country during one year |