Terms
The term for total income a business earns after subtracting all expenses.
What is profit?
Determines the prices of goods and services in a market economy.
What is supply and demand?
The main role of an entrepreneur in the economy.
What is to create new products or services?
The term for legal protection granted to inventors for their inventions.
What is a patent?
Characteristics of this market include consumer choice, limited government intervention and profit motive.
What is a market economy?
The action the U.S. Government might take to keep the economy stable and growing.
What is to raise or lower interest rates?
This entrepreneurial term means the point at which a business has all costs paid for.
What is break-even point?
The branch of the U.S. government that writes laws about taxes, labor regulations, and business-related laws.
What is the legislative branch?
The government level that ensures that industrial and residential areas don't conflict to a support business involved in trade.
What is a local government?
What is revenue?
The branch of the U.S. Government that interprets how a law should be applied in business disputes.
What is the judicial branch?
This document outlines the basic framework of entrepreneurship and the rights of citizens to own property.
What is the U.S. Constitution?
This entrepreneurial term is a statement on the unique benefit of a product or service.
What is a "value proposition"?
The type of protection the government offers to encourage innovation and technology entrepreneurship.
This principle of the U.S. Constitution describes the power of individuals to influence government policies and actions, such as implementing taxes and regulations on businesses, through voting and public advocacy.
What is Popular Sovereignty?