entrepreneur
A person who undertakes the creation, organization, and ownership of a business.
venture
A business undertaking that involves risk.
entrepreneurship
The process of getting into and operating your own business.
entrepreneurial
Of or having to do with entrepreneurs.
economics
The study of the decisions or choices that go into making, distributing, and consuming products.
free enterprise system
An economic system where people can choose the things they buy, property they own, and businesses they operate.
profit
What is left after all the expenses of running a business are deducted from the income.
services
Intangible, conceptual products.
factores of production
The resources that businesses use to produce the goods and services.
scarcity
When resources are limited, but wants are unlimited.
elastic
Demand for a product that is not significantly when there is a small change in price.
inelastic
Demand for a product that is not significantly affected when the item's prices changes.
equilibrium
the point at which consumers buy all that is supplied of a product without causing a shortage.
diminishing marginal utility
a principle that states that factors other than price affect demand, such as income and taste.
entriprise zones
speccially designated areas of a community that provides tax benifits to new businesses locating there and grants for new product development.
start-up resources
the tings an entrepreneur needs to start a business, including capital, skilled labor, and customers.
enviroment
all the things that affect a new business but are not controlled by the enviroment.
new venture organization
the structure that executes a new business, giving orders to its products, process, and services.
discontinuence
a business that has changed somehow, as with a change of name or legal status..
opportunity
an idea that has commercial value.
business failure
a business that files Chapter 7 bankruptcy and loses mony for creditors and investors.