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.
Monopoly of free enterprise.
a market structure in which a product has only one seller who has total control over supply and most prices
A market structure in which there are just a few competing firmsMarket Structures
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