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1.1 Economic Principles and Conepts Fndamental to Business
1.1 Economic Principles and Conepts Fndamental to Business Operations
11
Business
12th Grade
01/24/2013

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Cards

Term
Small Business
Definition
- any business that is operated by one or a few individuals. Employs < 100 people. Represent 99.7% of all employers.
Term
Entrepreneurship
Definition

- the process of recognizing an opportunity, testing it in the market, and gathering resources neessary to go into business.

 

Term
Innovation
Definition
- finding a new product or service or improving and existing one.
Term
Risk
Definition

- the possibility or gain or loss

 

Term
Customers
Definition

- people or business that purchase your product or service.

 

Term
Free Enterprise system
Definition
- people have the right to make the economic choices.
Term
Market Structures
Definition
The nature and degree of competition among businesses operating in the same industry.
Term
Donations
Definition
- money given for charity purposes.
Term
Charitable insitutions
Definition
- various educational, medical and vocational training institutions to provide the less privileged with benefits which they normally cannot afford.
Term
Sponsorship
Definition
- Provides money for a specific purpose. Example an orphanage or a sports team.
Term
Welfare programs
Definition
- programs created to provide the less privileged with benefits which they normally cannot afford, like helping the blind, orphans, widow etc.
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