ch 1
what is the definition of Want
Want-something you do not need to survive but you want to have
what is Scarcity
scarcity is a lack or resources
what is Inflation
general increase in the price of goods and services
what is 5 Rewards of Entrepreneurship
Being the boss
Doing what you enjoy
Having the opportunity to be creativeBuilding an enterprise
Making their own schedule
Home-based business
Economic contribution
what is the definition Sole Proprietorships
business owned by one person More common
What is the definiton of Need
Need- Something you need to survive example (water,food)
what is the definition of Mixed economy
an economy that contains both private and public enterprises
what is Deflation
general decrease in the price of goods and services
what is 5 Challenges of Entrepreneurship
getting funds to start the business
Being fully responsible for the business
Feeling alone and insecure
Long hours
Uncertain income levels
4 out of 5 small businesses fail in their first five years
what is the defintion of Partnerships
business owned by two or more people who share its risks and rewards
what is a good
goods are physical products. Example (Skates, groceries, and cell phones)
what is the Equilibrium price
point at which the quantity demanded and the quantity supplied meet
what is Budget Surplus
when the government’s revenue exceeds its expenditures during a one-year period
what is a entrepreneur
An entrepreneur is a person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business
what is the definition of Corporations
a company that is registered by a state and operates apart from its owners
what is services
Service- tasks that businesses perform for consumers.
who is labor labor Resources
people that make the goods and services for which they are paid
what is Budget Deficit
when the government spends more on programs than it collects
What is the definiton of Business Plan
A written description of a new business venture that describes all aspects of the business.
what is the definitions of Manufacturers
business that makes finished products out of processed goods
what is recourses
Recourses are items that people can use to make or obtain what they need or want.
what is the Four factors of production
Natural resources
Labor resources
Capital resources
Entrepreneurial resources
what does GDP stand for
Gross Domestic Product
what is the Company Description
Description of the firm and provides an outline of the business
name at least 1 of the Functions from the Business (if you name 5 you get double points)
Production
Procurement
Marketing
Management
Finance Accounting