is an indivdual who understakes the creation, organization, and ownership of an innovative business with potential for growth.

is a new busihess undertaking that involve risk.

is the process of recognizing or creating a oppertunity, testing it in the market and gathering the resources necessary to go into business.

is the study of how people choose to allocate scarce resources ro fulfill their unlimited wants

Free Entreprise System

people have an important right to make economic choices

is money that is kept after all expenses of running a business have been deducted from the income.

refers to the nature and degree of competition among businesses operating in the same industry

is 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.

is a market structure in which there are just a few competing firms

are tangible (or physical) products

are intangible (or non physical) products

is a basic requirement for survival

is something that you do not have to have for survival but would like to have.

are the resources businesses use to produce the goods and services that poeple want.

occurs when demand exceeds supply.

is the quantity of goods or services that consumers are willing and able to buy.

refers to situations in which a change in price creates a change in demand.

refers to situations in which a change in price has very little effect on demand for products.

Diminishing Marginal Utiliy

establishes that price alone does not determine demand.

the amount of good or service that producers are willing to provide.

is the point at which consumers buy all of a product that is supplied.

Gross Domestic Product

is the total market values of goods and services produced by a nation during a given period.

is the periodic random pattern of expansion and contraction that the economy goes through.

are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development.

is an idea that has commercial potential.

include the capital, skilled labor, management expertise, legqal and financial advice, facility, equipment, and customers needed ro start business.

New Venture Organization

entrepreneurial start-up process is the execution of the new businesses concept.

is a business that has stopped operating with a loss to creditors.

is a business that was purposely discontinued by an owner who wanted to start a new one; the business may also be operating under a new name.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

KI-entrech1mjbm

Question	Answer
Entrepreneur	is an indivdual who understakes the creation, organization, and ownership of an innovative business with potential for growth.
Venture	is a new busihess undertaking that involve risk.
Entrepreneurship	is the process of recognizing or creating a oppertunity, testing it in the market and gathering the resources necessary to go into business.
Economics	is the study of how people choose to allocate scarce resources ro fulfill their unlimited wants
Free Entreprise System	people have an important right to make economic choices
Profit	is money that is kept after all expenses of running a business have been deducted from the income.
Market Structure	refers to the nature and degree of competition among businesses operating in the same industry
Monopoly	is 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	is a market structure in which there are just a few competing firms
Goods	are tangible (or physical) products
Services	are intangible (or non physical) products
Needs	is a basic requirement for survival
Want	is something that you do not have to have for survival but would like to have.
Factor of production	are the resources businesses use to produce the goods and services that poeple want.
Scarcity	occurs when demand exceeds supply.
Demand	is the quantity of goods or services that consumers are willing and able to buy.
Elastic demand	refers to situations in which a change in price creates a change in demand.
Inelastic demand	refers to situations in which a change in price has very little effect on demand for products.
Diminishing Marginal Utiliy	establishes that price alone does not determine demand.
Supply	the amount of good or service that producers are willing to provide.
Equilibrium	is the point at which consumers buy all of a product that is supplied.
Gross Domestic Product	is the total market values of goods and services produced by a nation during a given period.
Business Cycle	is the periodic random pattern of expansion and contraction that the economy goes through.
Enterprise Zones	are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development.
Oppertunity	is an idea that has commercial potential.
Start-Up Resources	include the capital, skilled labor, management expertise, legqal and financial advice, facility, equipment, and customers needed ro start business.
New Venture Organization	entrepreneurial start-up process is the execution of the new businesses concept.
Business Failure	is a business that has stopped operating with a loss to creditors.
Discontinuance	is a business that was purposely discontinued by an owner who wanted to start a new one; the business may also be operating under a new name.

Created by: 12905

Popular Marketing sets

Marketing mix and Marketing environment

Marketing Foundations

Marketing planning process

Growth strategy

Customer relationship management

Segmentation Targeting Positioning

Negotiation

Social media

Marketing Research

Consumer decision making process

Personal selling

The Psychology of the Traveler and Customer Service

"Know" box contains:
Time elapsed:
Retries: