Unit 1: Going Into Business For Yourself. Chapter 1: What is Entrepreneurship?. The Main Idea. Entrepreneurship is the primary catalyst for economic growth. To be successful requires an understanding of how the economy works. Small Business and Entrepreneurship.
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Chapter 1: What is Entrepreneurship?
The Profit Motive: making a profit is a primary incentive of free enterprise.Profit is money left over after all expenses have been paid.
If everything else remains the same, businesses will supply more at higher prices than at lower ones
As P increases, QS increases
Demand (D):quantities that consumers would be willing to buy at various prices.
If everything else remains the same, people will demand more at lower prices than higher ones
As P increases, QD decreasesLaws of Supply and Demandgenerally determine the price of a product