deca 101
what is an entrepreneur?
an individual who undertakes the creation, organization, and ownership of a business.
what is supply?
the amount of good or service that producers are willing to provide.
what is market structure?
refers to the nature and degree of competition among businesses operating in the same industry.
what are services?
non physical products.
what is a good?
physical products.
what is profit?
money that is left after all expenses of running a business have been deducted from the income.
inelastic demand
refers to situations in which a change in price has very little effect on demand for products.
what is monopoly?
a market structure in which a particular commodity has only one seller who has control over supply and can exert nearly the total control over prices.
what is the meaning of scarcity?
scarcity is when demand exceeds supply.
what is a venture?
new business undertaking that involves risk.
what is economics?
the study of how people choose to allocate scarce resources to fulfill their unlimited wants.
what is elastic demand?
refers to situations in which a change in price creates a change in demand.
what is the meaning of free Enterprise system?
when people have an important right to make economic choices.
what does demand mean?
quantity of goods or services that consumers are willing and able to buy.
what is a need?
a basic requirement for survival, such as food and shelter.
what is entrepreneurial?
what is diminishing marginal utility?
when an individual will not buy more than they can reasonably use.
what is entrepreneurship?
the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.
what is a want?
something you do not have to have for survival, but would like to have.
general pattern of expansion and contraction that the economy goes through.
what is equilibrium?
the point at which consumers buy all of a product that is supplied.
what is gross domestic product?
the total market value of goods and services produced by workers and capital within a nation during a given period.
market structure in which there are just a few competing firms.
what does factors of production mean?
the resources businesses use to produce the goods and services that people want.