Vocab
an individual who undertakes the creation, organization, and ownership of a business
What is an entrepreneur?
The driving force of the start-up process
What is an Entrepreneur?
All economic systems attempt to answer four basic questions. What are they?
What goods are produced? What quantity? How should they be produced? For whom are they produced?
a basic requirement for survival
What is a need?
Large diversified companies were popular during this decade
What are the 1960s?
A new business undertaking that involves risk
What is a venture?
An idea that has commercial value
What is an opportunity?
An economic system in which people have important rights like which products to buy, to own property, and to start a business.
What is a free enterprise system?
The resources businesses use to produce the goods and services that people want.
What are the Factors of Production?
More government regulation; smaller companies emerged during this decade
What are the 1980s?
the process of recognizing an opportunity, testing it in the market, and gathering the resources necessary to go into business.
What is Entrepreneurial?
Includes the nature of the environment, availability of resources, ways to realize value, and incentives to create new businesses.
What is the Environment?
a market structure where a commodity has only one seller
What is a monopoly?
the difference between demand and supply; limited resources.
What is scarcity?
Volatile economic climate and the beginning of the technology revolution was during this decade
What are the 1970s?
the study of how people allocate scarce resources to fulfill their unlimited wants
What is economics?
The capital, skilled labor, management expertise, legal and financial advice, facilities, equipment, and customers needed to start a business
What are start-up resources?
a market structure where there are just a few competing firms
What is an oligopoly?
The four parts of the business cycle
What is growth, recession, depression, and recovery?
No job security and a move to a service-based economy that is influenced by technology during this timeframe
What are the 1990s?
Money that is left over after all expenses of running a business have been deducted from the income
What is Profit?
The infrastructure or foundation that supports all the products, processes, and services of a new business.
What is a new venture organization?
These resources are known as the factors of production
What is land, labor, capital, and entrepreneurship?
the total market value of the goods and services produced by workers and capital within a nation during a given period
What is Gross Domestic Product (GDP)?
According to our text, Entrepreneurship has been a distinct feature of American culture since when?
What is the American Revolution?