Entrepreneurs
An individual who undertakes the creation, organization and ownership of an innovative business with potential for growth
Who is an entrepreneur?
The study of how people choose to allocate scarce resources to fulfill their unlimited demands.
What is economics?
The nature and degree of competition among businesses operating in the same industry
What is market structure?
This theory is defined by the belief that the price of a product is determined by the market place
What is supply and demand?
What is GDP, unemployment and the inflation rate?
A new business undertaking that involves risk
What is a venture?
This is the primary incentive of free enterprise
What is profit?
In this type of market structure there is only one seller who has control over supply and can exert nearly total control over prices.
What is a monopoly?
The point at which consumers buy all of a product that is supplied, there is neither a surplus or shortage.
What is equilibrium?
Unhealthy prices rise and the economy is growing too rapidly
What is an inflationary period of the business cycle?
Camden, Trenton and Mt Holly are examples of this type of incentive, where businesses are encouraged to open due to a break in taxes, and grants for construction of these businesses
What is an enterprise zone?
Most democratic nations have a ______ enterprise system.
What is a free enterprise system
In this type of market structure there are just a few competing firms. They have some influence over price, like a larger company in the auto industry.
What is an oligopoly?
In this situation change in price has very little effect on demand for products, for example insulin medicine demand doesn't change if the price rises or falls.
What is inelastic demand?
GDP begins to decline or stay put, consumers pull back on spending, unemployment begins to rise and the federal reserve may step into to lower interest rates to help stimulate the economy.
What is a recession?
A business that has stopped operating with a loss to creditors
What is a business failure?
Consumers often use _________ (tangible) and ________ (intangible) as products to meet their wants and needs.
What are good and services?
In this market structure there are numerous buyers and sellers and many products that are very similar so they can be substitutes for conserns.
What is perfect competition?
The situation in which a change in price creates a change in demand. For example, demand for butter tends to be elastic because there are lower priced substitutes.
What is elastic demand?
When GDP declines by more than 10%.
What is a depression?
Melita coffee used bamboo as a substitute for the shortage of what natural resource?
What is paper?
This is the basic characteristic of a free enterprise system? Hint: It is also fairly common in sports, rankings and spelling bees.
What is competition?
A market structure in which many sellers produce similar but differentiated products. Substitution is not always possible
What is monopolistic competition?
These are the 4 factors of production
What is land, labor, entrepreneurship and capital?
A period of manageable growth in the economy
What is an expansion period?