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What is an Entrepren

What is an Entrepreneur?

TermDefinition
Entrepreneur An individual who undertakes the creation organization and ownership of a business.
Venture A new business undertaking that involves risk.
Entrepreneurship The process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into a business
Economics The study of how people choose to allocate scarce resources to fulfill their unlimited wants.
Free-Enterprise system People have an important right to make economic choices.
Profit Money that is left after all expenses of running a business have been deducted from the income.
Market Structure The nature and degree of competition among businesses operating in the same industry.
Entrepreneurial Acting like an entrepreneur.
Monopoly A market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices.
Oligopoly A market structure in which there are just a few businesses for a market.
Goods Tangible or physical item.
Service Non tangible service or product.
Need A basic thing needed for survival.
Want Something u don't need for survival.
Factors of Production The resources businesses use to produce the goods and service people want.
Scarcity When demand exceeds supply.
Demand The quantity of goods and services that consumers are willing and able to buy.
Elastic Demand When a change in price changes the demand.
Inelastic Demand Situations in which a change in price has very little effect on demand for products.
Diminishing Marginal Utility Price alone does not determine demand.
Supply The amount of a good or service that producers are willing to provide.
Equilibrium The point at which consumers buy all of a product that is supplied.
Gross Domestic Product(GDP) The total market value of goods and services produced by workers and Capital within a nation during a given period.
Business Cycle The general pattern of expansion and contraction that the economy goes through.
Enterprise zone specially designated areas of a community that provide tax benefits to new businesses locating there.
Opportunity An idea that has commercial value.
Start-up Resources Capital,skilled labor,management expertise legal and financial advice, facility equipment and customers needed to start a business.
New Venture Organization The infrastructure or or foundation that supports all products processes and services of a new business
Business Failure A business that has stopped operating with a loss to creditors.
Discontinuance A business that is operating under a new name or has purposely discontinued the business.
Created by: rudolph.beukes
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