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2.01
Economic Principles and Concepts Fundamental to Business Operations
10
Business
12th Grade
02/27/2013

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Term
Entrepreneurial Discovery
Definition
the process of systematically scanning for technological, political, regulatory, social, and demographic changes to discover opportunities to produce new goods and services
Term
Scientific Discovery
Definition
Occurs when a physical or technological observation is made
Term
Circumstantial Discovery
Definition
Occurs when an observation is made based on a specific knowledge of time, place, or circumstance
Term
Analogies
Definition
comparing an unfamiliar abstract idea with an already known mental image
Term
Pattern Recognition
Definition
many problems can be diagnosed and remedied this way
Term
Prototype
Definition
a 3-dimensional version of your vision
Term
Reverse Engineering
Definition
examining a completed product with the intent of understanding the technology and process used in its design, manufacture, or operation
Term
Feasibility
Definition
capable of being done or carried out, capable of being used or dealt with successfully
Term
Evaluation
Definition
assessing the feasibility and profit potential of the new idea/product/service
Term
Exploitation
Definition
the use or utilization usually for profit
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