Becoming an
entrepreneur
entrepreneur
What is an individual who undertakes the creation, organization, and ownership of an innovative business with potential of growth?
Entrepreneur
what is the term for money that is kept after all expenses of running a business have been deducted from the income?
Profit
What is tangible (or physical) products?
Goods
what is the term used for when demand exceeds supply ?
Scarcity
What is the term used for the quantity of goods and services that consumers are willing and able to buy?
Demand
What is the process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business.
Entrepreneurship
what is the term for the nature and degree of competition among businesses operating in the same industry?
Market Structure
What are intangible(non-physical) products?
Services
what is the term used for the resource's businesses use to produce the goods and services that people want?
Factors of Production
What is the term used to refer to situations in which a change in price creates a change in demand?
Elastic demand
What is a new business undertaking that involves risk?
Venture
What is the term for a market structure where one seller controls the supply of a commodity and can set prices?
Monopoly
What is a basic requirement for survival?
Need
What is the quantity of goods or services that consumers are willing and able to able?
Demand
What is the term used to refer to situations in which a change in price has very little effect on demand for products?
Inelastic demand
What is the study of how people choose to allocate scarce resources to fulfill their unlimited wants?
Economics
what the term for a market structure in which there are just a few competing firms?
Oligopoly
What is something that is not necessary for your survival but something you would like to have?
Want
Business Cycle
What is the term used when a product's price is low, and people will not keep buying it indefinitely?
Diminishing marginal utility
What is the important right people have to make economic choices?
Free Enterprise System
What is the point at which consumers buy all of a product that is supplied?
Equilibrium
What is the term used for the resources business's use to produce the goods and services that people want?
What is the point at which consumers buy all of a product that is supplied?
Equilibrium
What is the amount of a good or service that producers are willing to provide?
Supply