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AR ENTRE 1 U1
Arkansas Entrepreneurship I Unit 1
| 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 individual's 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 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 | a situation that occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited. |
| Self-assessment | Evaluation of one's strengths and weaknesses |
| Supply | how much of a good or service a producer is willing to produce at different prices |
| Trade show | special meeting at which companies display their products |
Created by:
sreed2016
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