ENTREPRENEURSHIP BASICS
The process of running a business of one's own
What is entrepreneurship?
The ability to learn a particular kind of job is called this
What is aptitude?
Basic requirements for human survival like food and shelter
What are needs?
The basic force that drives prices up
What is demand?
This type of economy allows private ownership and consumer choice
What is a market economy?
These businesses contribute more to the U.S. economy than large businesses combined
What are small businesses?
This financial resource is crucial for new business success
What is capital?
These are goods or services that make life more enjoyable but aren't essential
What are wants?
When this goes down, prices typically go up
What is supply?
A place or situation where buyers and sellers exchange goods and services
What is a market?
The person who owns, operates, and takes risks of a business venture
What is an entrepreneur?
The first step in the problem-solving model
What is define the problem?
When consumers purchase this, they're buying both the product and status symbol
What is a luxury good?
Must be paid regardless of how much of a good or service is produced.
What is fixed cost?
Consists of a very large number of businesses producing nearly identical products and has many buyers.
What is a perfect competition?
This government organization provides resources and information for small business owners (SBA)
What is the Small Business Association?
The 'R' means goals should be this
What is Realistic?
Resources used to produce goods and services are called these
What are factors of production?
Goes up and down depending on on the quantity of the good or service produced.
What is variable cost?
This economic term describes the total value of goods and services produced in a country
What is GDP (Gross Domestic Product)?
The percentage of U.S. businesses that are considered small businesses
What is 99.9%?
All successful entrepreneurs possess these three traits: independent, self-confident, and this
What is goal-oriented?
When resources are limited but wants are unlimited, we call this
What is scarcity?
One company dominates, no substitutes (e.g., local water utility)
The point at which the supply and demand curves meet is known as
What is equilibrium price?