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Entrepreneurship
Unit 1 Vocabulary
Term | Definition |
---|---|
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 individuals 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 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 | |
Self-assessment | |
Supply | |
Trade Show |