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Entrepreneurship
Unit 1 Vocabulary
| Term | Definition |
|---|---|
| Aptitude | The ability to learn a particular kind of job. |
| Brainstorming | A creative group problem-solving technique that involves generating a large number of fresh ideas. |
| Capitalism | The private ownership of resources by individuals rather than by the government. |
| Command Economy | The government determines What, How, and for Whom products and services are produced. |
| Consensus | An agreement among a group of people. |
| Demand | An individuals need or desire for a product or service at a given price. |
| Employees | People who work for someone else. |
| Entrepreneurs | People who own, operate, and take the risk of a business venture. |
| Entrepreneurship | The process of running a business of one's own. |
| Equilibrium Price and Quantity | The point at which the supply and demand curves meet. |
| Free Enterprise System | An economic system in which people have the right to make choices of what products to buy, whether to own private property, or whether to start a business and compete with other businesses (market economy). |
| Functions of business | Production, Marketing, Management, and Finance. |
| Market Economy | Individuals decide what, how, and for whom goods and services are produced. |
| Memorandum | A short written form of business communication that has a set format. |
| Monopoly | One company controls the entire market. |
| Opportunity Cost | The cost of choosing one opportunity or investment over another. |
| Productivity | Level of output received from each worker. |
| Scarcity | |
| Self-assessment | |
| Supply | |
| Trade Show |
Created by:
jsnyde02
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