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Definition
| An individual who undertakes the creation, organization, and ownerhsip of an innovative business. |
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| A new business undertaking that involves risk. |
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| The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources to go into business. |
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Definition
| Where people can choose what to buy, what to own, and to start a business. |
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Definition
| Money that is kept after all expenses of running a business have been deducted. |
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Definition
| The nature and degree of competition among businesses operating in the same industry. |
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Definition
| A market structure in which the product has only ONE seller who has control over the supply. |
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Definition
| A market structure in which there are just a FEW competing firms. |
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Definition
| They are tangible products. |
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Term
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Definition
| They are intangible products. |
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Term
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Definition
| A basic requirement for survival. |
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Term
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Definition
| Something that you do not have to have for survival, but would like to have. |
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Term
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Definition
- Land
- Labor
- Capital
- Entrepreneurship
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Term
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Definition
| When demand EXCEEDS supply. |
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Term
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Definition
| The quantity of goods or services that CONSUMERS are willing and able to buy. |
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Term
| Diminishing Marginal Utility |
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Definition
| Price ALONE does NOT determine demand. |
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Term
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Definition
| The amount of a good or service that PRODUCERS are willing to provide. |
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Term
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Definition
| The point at which consumers buy ALL of a product that is supplied. |
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Term
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Definition
| GDP - total market value of goods and services produced by a nation. |
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Term
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Definition
| The periodic random pattern of expansion and contraction that the economy goes through. (Recession, Prosperity, Depression) |
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Term
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Definition
| Rivalry among businesses for consumer money. |
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Term
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Definition
| An idea that has commercial potential. |
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Term
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Definition
| A business that has stopped operating with a LOSS to its investors. |
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Term
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Definition
| A business that was purposely discontinued by an owner who wanted to start a new one. |
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Term
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Definition
| Amount of money a person puts into their business. |
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Definition
| Includes the buildings, equipment, tools, and other goods. |
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Term
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Definition
| A person whose attitudes and achievements they try to copy. |
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Term
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Definition
| Skills that entrepreneurs use regularly. |
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Term
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Definition
| A set of characteristics that identifies a type of person. |
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Term
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Definition
| A person with a record of successes. |
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Definition
| A business that conducts bueinsss by means of the Internet. |
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Term
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Definition
| A venture seeks to achieve economic, environmental, and social goals without compromising future generations. |
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Term
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Definition
| Contracting with other companies for services. |
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Definition
| Identify social needs and recognize them as opportunities. (giving to a charity) |
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Definition
| Small company forms an alliance with a bigger company. |
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Definition
| A new venture started inside a large corporation. |
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Term
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Definition
| Finding new ways to do things. |
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Definition
| Personal characteristics that describe a population. |
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Term
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Definition
| The beliefs and principles you choose to live by. |
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Term
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Definition
| A legal agreement to begin a new business in the name of recognized company. |
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Definition
| The buyer of the franchise. |
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Term
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Definition
| The seller of the franchise. |
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Term
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Definition
| Someone whose job is to bring buyers and sellers together. |
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Term
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Definition
| Where vendors introduce new items. |
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Term
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Definition
| The interconnected economies of the nations of the world. |
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Term
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Definition
| The selling and shipping of goods to another country. |
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Term
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Definition
| The bying or bringing IN goods from countries to sell. |
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Definition
| A restriction on goods entering or leaving a country. |
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Definition
| A type of trade barrier. (taxes imposed by the government) |
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Definition
| Someone who translates a language. |
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Definition
| Allow small business owners meet and talk with foreign agents. |
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Definition
| Money people have to spend after paying for needed expenses. |
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Term
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Definition
| An agency that serves as a distributor in a foreign country. |
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