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Entrepreneur
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is an individual who undertakes the creation, orginization, and ownership of a business.
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terms list
Entrepreneur
is an individual who undertakes the creation, orginization, and ownership of a business.
Venture
a business undertaking involving risk, requires a variety of skills and knowledge.
Entrepreneurship
is the process of getting into and operating one's own business.
Entrepreneurial
means of or having to do with an entrepreneur or entrepreneurs.
Economics
is the study of the decisions or choices that go into making, distributing, and comsuming products.
Free Enterprise System
An economic system in which individuals depend on supply and demand and the profit margin to determine what to produce, how to produce, how much to produce, and for whom to produce. The quest for improvement financially and materially motivates consumers and producers.
Profit
is money that is left after all the expenses of running a business have been deducted from the income
Services
are intangible (or conceptual) products
Factors of Production
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge
Scarcity
when wants are greater than your resources
Demandis the amount or quantity of
goods and services that consumers are willing and able to buy.
Elastic
describes demand that is very sensitive to a change in price
Inelastic
describes demand that is not very sensitive to a change in price
Diminishing Marginal Utility
the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
Equilibrum
is the point at which consumers buy all of a product that is supplied, leaving neither a surplus nor a shortage.
environment
includes all those variables that affect it that are not controlled by the entrepreneur.
Enterprise Zones
are specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development
opportunity
is an idea that has commercial value.
start-up resources
an entrepreneur needs to start a business include capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and most important, customers.
New Venture organization
is the shell that surrounds all the products, processes, and services that are part of the new business
Business Failure
a business that files Chapter 7 bankruptcy and loses money for creditors, the people who lent them money, and their investors is considered a business failure
Discontinuance
might be 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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