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| A person who starts a business and takes on risk. |
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| An attempt by a company to do something that involves risk. |
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| A way of thinking like an entrepreneur. |
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| How we deal with unlimited wants from limited resources. |
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| People direct the economy, private property, and competition. |
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| Income deducted from expenses. |
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Definition
The categorization of competition in a specific market.
Four types: Perfect Competition, Monopolistic Competition, Monopoly, and Oligopoly. |
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| Complete control of a specific market. |
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| A small group of people hold all power over a specific market. |
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| Products produced that are physical. |
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| Non-physical product from a company. |
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| You need something to survive. |
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| A non-necessity for life. |
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Term
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Definition
Labor
Land
Capital
Entrepreneurship |
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Definition
| When demand exceeds supply, you have scarcity. Often times you have to make cuts or raise prices. |
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| The quantity of goods and services at which people are willing to buy. |
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Definition
| When a change in price changes demand. |
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Definition
| When a change in price does not affect demand |
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Term
| Diminishing Marginal Utility |
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Definition
| Price alone does not determine demand. People will not always buy an excess of something because it is cheap. |
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Definition
| The amount of goods and services sellers will sell |
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Definition
| When no shortage or surplus occurs. |
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Definition
| Total value of an entire nation's wealth. |
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Definition
| The ups and downs of an economy. When GDP drops 10+%, it is considered a depression, while any severe downturn is a recession before 10%. |
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| Incentivized areas that seek to gain new business. |
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| An idea that has potential to make money. |
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Definition
| What it takes to start a business. |
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Definition
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Definition
| When a business runs red and investors/creditors lose money. |
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Definition
| When a company re-brands, starts anew, or just doesn't want to be in business anymore. |
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