Becoming an Entrepreneur
An individual who undertakes the creation, organization, and ownership.
Entrepreneur
Money that is kept after all expenses of running a business.
Profit
The resources businesses use to produce goods and services.
Factors of Production
Quantity of goods or services that consumers are willing and able to buy.
Demand
The periodic random pattern of expansion and contraction.
A new business undertaking that involves risk.
venture
People have an important right to make economic choices.
Free enterprise systems
Occurs when demand exceeds supply.
Scarcity
Situation in which a change in price creates a changed in demand.
Elastic demand
Total market values of goods and services produced by a nation during a given period.
Gross Domestic product
Process of recognizing or creating an opportunity, testing in the market, and gathering the resources necessary to go into business.
Entrepreneurship
The nature and degree of competition among businesses operating the same industry.
Market structure
Services
Situation in which aa change in price has very little effect on demand for product.
Inelastic demand
Study of how people choose to allocate scarce resources to fulfill their unlimited wants.
Economic
A market structure in which there are just a few competing firms.
Oligopoly
A basic requirement for survival.
Need
What's the difference between wants and needs?
A need is requirement for survival and a want is something you do not have to have for survival.
A particular commodity has only one seller who has control over supply.
monopoly
Tangible (or physical) products.
Goods
Customers will not buy more than they can reasonably use.
Diminishing marginal utility.