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Terms in this set (29)
entrepreneur
an individual who undertakes the creation, organization, and ownership of an innovative business with the potential for growth
venture
a new business undertaking that involves risk
entrepreneurship
the process of recognizing or creating an opprotunity, testing it in the market, and gathering the resources necessary to go into business
economics
the study of how people choose to allocate scarce resources to fulfill their unlimited wants
free enterprise system
choose what products to buy, to own private property, and can start a business
profit
money that is kept after all expenses of running a business have been deducted from the income
market structure
the nature or degree of competition among businesses operating in the same industry.
monopoly
a market structure in which a particularr commodity has only one seller who has control over supply and can exert nearly total control over prices
oligopoly
a market structure in which there are just a few competing firms
goods
tangible(physical) products
services
intangible(non-physical) products
need
basic requirement for survival
want
something that you do not have to have for survival but would like to have
factors of production
the resources businesses use to produce the goods and services that people want
scarcity
occurs when demands exceeds supply