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entrepreneur
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individual who undertakes the creation organization or ownership of a business
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terms list
entrepreneur
individual who undertakes the creation organization or ownership of a business
venture
an investment that is very risky but could yield great profits
entrepreneurship
process of getting into and operate one's business
entrepreneurial
having to do with an entrepreneur
economics
study of decisions or choices that go into making products
free enterprise system
right to make economic choices
profit
money that is left after all the expenses have been deducted from the income
services
intangible or (conceptual) products
factors of production
resourses that businesses use to produce the goods and services that people want
scarcity
when wants are greater than resourses
demand
amount or quanity of goods or services
elastic
small change in price causes a sigificant change in the quanity
inelastic
if the change has no little or no effect
diminishing marginal utility
when the price alone doen't determine demand
equilibrium
point which costumers buy all of a product that is supplied leaving neither surpluses shortages
enviroment
elements affecting a business that are not controlled by the entrepreneur
enterprise zones
designated areas of a community that provides tax benefits to a new business
opportunity
idea that has commercial value
start up resoures
stuff an entrepreneur needs to start a business
new venture organization
shell that surrounds all the products processes and services
business failure
A business that files Chapter 7 bankruptcy and loses money for creditors, the people who lent them money, and their investors.
discontinuance
A business that is operating under a new name or a business that has been purposely discontinued to start a new one.
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