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| A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. |
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| A business enterprise or speculation in which something is risked in the hope of profit; a commercial or other speculation: |
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| The process of recognising or creating an opportunity, testing it in the market, and gathering the resources nessesary to go into business. |
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| The study of how people choose to allocate scarce resources to fulfill their inlimited wants. |
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People can choose what products to buy
People can choose to own priavate propety
People can choose to start a business and compete with other buisnesses |
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| The money that is kept after all expenses of running a buisness havve been deducted from the income. |
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| The nature and degree of competition among businesses oporating in the same industry. |
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| A market structure in which a particular comodity has only one seller who has control over supply and can exert nearly total control over prices. |
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| A market structure in which there sre just s few competing firms. |
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| Tangible or phisical products. |
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| A basic requirements for survival. |
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| Something that you do not have to have for survivalbut you would like to. |
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| The resources businesses use to produce the goods and services people want. |
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| occours when demanded exeeds supply. |
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| The quantity of goods or services that consumers are willing and able to buy. |
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| Refers to situations in which a change in price creates a change in demand. |
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| Situations in which a change in price has a very little effect on demand for products. |
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| Diminishing Marginal Utility |
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| Establishes that price alone does not determine demand. |
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| The amount of good or service that proucers are willing to provide. |
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| The point which consumers buy all of a product that is supplied. |
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| The total market values of goods and services produced by a nation during a given piriod. |
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| The periodic random pattern of expansion and contractionthat the economy goes through. |
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| are specially designated areas d communitythat provide tax benifits to new buisnesses locating there and grants for new product development. |
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| An idea that has commercial potential. |
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| the foundation that supports all of the products, processes, and services of the new business. |
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| a business that has stopped operating with a loss of creditors. |
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| a business that was purposely discontinued by an owner who wanted to start a new one. |
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