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Free Market Economy
Entrepreneurship Unit 3
| Term | Definition |
|---|---|
| subsidy | financial support from the government to help a business or industry |
| scarcity | unlimited wants and needs but limited resources |
| opportunity cost | value of the next best option given up when making a choice |
| import | good or service brought into a country from another country |
| export | good or service produced in one country and sold in another country |
| tariff | tax placed on imported goods |
| raw materials | basic materials used to make a product |
| supply chain | steps a product goes through from raw materials to the customer |
| wholesale | buying or selling goods in large quantities, usually for resale |
| supply | amount businesses are willing to produce and sell at a certain price |
| demand | amount consumers are willing and able to buy at a certain price |
| break-even point | point where total revenue equals total expenses |
| profit | money left after subtracting total expenses from total revenue |
| revenue | total money a business earns from sales |
| fixed costs | costs that stay the same regardless of how much is produced or sold |
| variable costs | costs that change based on how much is produced or sold |
| startup costs | costs paid before a business can open |
| recurring costs | costs a business pays regularly |
| per-sale costs | costs that increase each time a product or service is sold |
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busynessgirl
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