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Unit 1 VB

Entrepeneurship

TermDefinition
Aptitude The ability to learn a particular kind of job
Brainstorming a creative group problem solving technique that involves generating a large number of fresh ideas
Capitalism the private ownership of resources by individuals rather than by the government
Command economy the government determines what, how, and for whom products and services are produced
Consensus an agreement among a group of people
Demand an individual's need or desire for a product or service at a given price
Employees people who work for someone else
Entrepreneurs people who own, operate, and take the risk of a business venture
Entrepreneurship the process of running a business of one's own
Equilibrium price and quantity the point at which the supply and demand curves meet
Free enterprise system an economic system in which people have the right to make choices of what products to buy, whether to own private property, or whether to start a business and compete with other businesses(market economy)
Functions of a business production, marketing, management, and finance
Market economy individuals decide what, how, and for whom goods and services are produced
Memorandum a short written form of business communication that has a set format
Monopoly one company controls the entire market
Opportunity Cost the cost of choosing one opportunity or investment over another
Productivity level of output received from each worker
Scarcity a situation that occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited
Self assessment evaluation of one's strengths and weaknesses
Supply how much of a good or service a producer is willing to produce at different prices
Trade Show special meeting at which companies display their products
Created by: vcarav01
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