(Random)
an individual who undertakes the creation, organization, and ownership of an innovative business with growth?
Entrepreneur
A new business undertaking that involves risks.
Venture
the study of how people choose the allocate scarce resource to fulfill their unlimited wants and needs.
Economics
A free system that people have an important right to make economic choices.
A Free Enterprise system
what is money that is kept after all expenses of running a business have been deducted from the income?
Profit
A structure that refers to the nature and degree of competition among businesses operating in the same industry.
Market structure
what is it called when one company or group controls the entire market for a product or service, without any competition?
A Monopoly
a market structure in which there are just a few competing firms.
Oligopoly
Tangible or (physical products).
Goods
intangible or (non-physical) products
Services
a term that describes a basic requirement for survival.
a need.
what is the term for something you do not need but would like to have?
A Want
A production that businesses use to produce the goods and services that people want.
Factors of production
what is it called when demands exceed the supply and demand?
Scarcity.
the quantity of good and or services that consumers are willing to buy.
Demand
A type of demand that refers to a situation in which a change in price creates a change.
Elastic Demand
A type of demand that refers to a situation in which a change in price has little effect on demand for products.
Inelastic Demand
This economic principle states that as a person consumes more units of a good or service, the satisfaction (or utility) gained from each additional unit decreases.
Diminishing marginal utility.
The amount of goods or services producers are willing to provide.
supply
a certain point that consumers buy all of a product that is supplied.
Equilibrium
what does GDP stand for
Gross Domestic Product
the periodic random pattern of expansion and contraction that the economy goes through.
A business cycle
when an economy has an unhealthy jump in prices that slows consumer and business spending it is called.
Overheating/Inflation
the process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary for business.
Entrepreneurship
a significant decline in economic activity lasting more than a few months.
A recession