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Entrepreneurship

Entrepreneurship. Chapter 1.1 Vocabulary & Notes. Entrepreneur. An individual who undertakes the creation, organization, and ownership of a business. Venture. A new business undertaking that involves risk. Entrepreneurship.

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Entrepreneurship

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  1. Entrepreneurship Chapter 1.1 Vocabulary & Notes

  2. Entrepreneur • An individual who undertakes the creation, organization, and ownership of a business

  3. Venture • A new business undertaking that involves risk

  4. Entrepreneurship • The process of recognizing an opportunity, testing the market and gathering resources necessary to go into business

  5. Entrepreneurial • Having an entrepreneurial mindset, thinking of how to create a product or service that is needed by customers • To profit from as well

  6. Economics • The study of how people choose to allocate scarce resources to fulfill their unlimited wants • How much is being bought by people and what are they willing to spend?

  7. Free Enterprise System • System that people have the right to make economic choices • You buy whatever you want • You are free to open a business • Promotes competition between companies

  8. Profit • The amount of money that is left after all expenses have been deducted while operating a business

  9. Market Structure • The amount of competition in an industry • How many different businesses are selling a particular product or service • Example: cellular phone service • At&t, Verizon, Sprint, T-Mobile

  10. Monopoly • A market structure that has only one seller in an industry • One company dominates the market and controls supply and price

  11. Short Essay • Name, Date, 1 paragraph • Pretend you won a shopping spree at the mall, what are your top 3-5 purchases? • Previous entrepreneurial experience • Grass cutting • Lemonade stand • Fundraising

  12. Goods • Tangible, physical products that consumers purchase

  13. Services • Intangible, nonphysical products that consumers purchase

  14. Need • A basic requirement for survival • Food • Water • Shelter

  15. Want • Something not absolutely necessary for survival, but you would like to have it

  16. Factors of Production • The resources businesses use to produce the goods and services that people want to buy • 4 Factors: • Land • Labor • Capital • Entrepreneurship

  17. Scarcity • Occurs when demand exceeds supply • When you want to buy something but it is not available

  18. Demand • The quantity of goods and services that consumers are willing and able to buy

  19. Supply • That amount of goods and/or services that producers are willing to provide

  20. Equilibrium • A point at which consumers buy all of a product that is supplied

  21. Gross Domestic Product (GDP) • The total market value of all goods and services produced by a given nation over a certain time period

  22. Business Cycle • The general expansion and contraction that the economy goes through

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