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Vocab 1.1


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
Created by: PoppaBear
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