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.
Unit 1: Going Into Business For Yourself
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.
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 firms
Supply (S): quantities available to consumers at various prices
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 decreases