Core Concepts
Essential elements for human survival (e.g., water).
Needs
Business where profits go to owners (e.g., Apple).
For-profit venture
Worldwide expansion of businesses/markets.
Globalization
Amount of a product customers will buy.
Demand
New jobs creating more jobs via increased spending.
Multiplier effect
Non-essential human desires (e.g., cell phones).
Wants
Business where excess funds support causes (e.g., Red Cross).
Not-for-profit venture
Total goods/services produced in a country annually.
Gross National Product (GNP)
Amount of a product available for sale.
Supply
Competition leading to lower consumer prices.
Economic benefits
Person who takes risks to organize resources.
Entrepreneur
Tangible items like cars or phones.
Goods production
Data about groups (age, income, etc.).
Demographics
Consumer perspective: Wanting low prices.
Minimize spending
Entrepreneurship within existing companies.
Intrapreneurship
A new business undertaking.
Venture
Performing useful actions for others.
Service production
Using computers to manage data.
Information technology
Point where supply equals demand.
Equilibrium
Company's sales as a percentage of industry total.
Market share
Identifying opportunities to operate a venture.
Entrepreneurship
Online-only business operations.
Virtual venture
Reducing staff to cut operational costs.
Downsizing/Rightsizing
Business perspective: Maximizing profits.
Maximize earnings
Maintaining market position through employee innovation.
Experiment with new ideas