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Entrepeneurship

Vocab

TermDefinition
Aptitude the ability to learn a particular kind of job
Brainstorming group problem solving, generating fresh ideas
Capitalism private ownership of individuals
Command Economy What, how, and for whom goods services are produced
Consensus Agreement among a group of people
Demand Individual need or desire for a product at a given price
Employees people who work for someone else
Entrepreneurs People who own, operate, and take risk of a business venture
Entrepreneurship process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business
Equilibrium neither a surplus nor a shortage of a product
Free Enterprise System People have an important right to make economic choices
Functions of Business
Market Economy the nature and degree of competition among businesses operating in the same industry
Memorandum
Monopoly a commodity has only one seller who has control over supply and exerts total control over prices
Opportunity Cost an idea that has commercial value
Productivity
Scarcity demands exceeds supply
Self-Assessment
Supply
Trade Show
Created by: dylandye
Popular Management sets

 

 



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