1. Chapter 1.1 Vocabulary & Notes

2.  An individual who undertakes the creation, organization, and ownership of a business

3.  A new business undertaking that involves risk

4.  The process of recognizing an opportunity, testing the market and gathering resources necessary to go into business

5.  Having an entrepreneurial mindset, thinking of how to create a product or service that is needed by customers  To profit from as well

6.  The study of how people choose to allocate scarce resources to fulfill their unlimited wants ◦ How much is being bought by people and what are they willing to spend?

7.  System that people have the right to make economic choices ◦ You buy whatever you want ◦ You are free to open a business ◦ Promotes competition between companies

8.  The amount of money that is left after all expenses have been deducted while operating a business

9.  The amount of competition in an industry ◦ How many different businesses are selling a particular product or service ◦ Example: cellular phone service ◦ At&t, Verizon, Sprint, T-Mobile

10.  A market structure that has only one seller in an industry ◦ One company dominates the market and controls supply and price

11.  Name, Date, 1 paragraph  Pretend you won a shopping spree at the mall, what are your top 3-5 purchases?  Previous entrepreneurial experience ◦ Grass cutting ◦ Lemonade stand ◦ Fundraising

12.  Tangible, physical products that consumers purchase

13.  Intangible, nonphysical products that consumers purchase

14.  A basic requirement for survival ◦ Food ◦ Water ◦ Shelter

15.  Something not absolutely necessary for survival, but you would like to have it

16.  The resources businesses use to produce the goods and services that people want to buy  4 Factors: ◦ Land ◦ Labor ◦ Capital ◦ Entrepreneurship

17.  Occurs when demand exceeds supply ◦ When you want to buy something but it is not available

18.  The quantity of goods and services that consumers are willing and able to buy

19.  That amount of goods and/or services that producers are willing to provide

20.  A point at which consumers buy all of a product that is supplied

21.  The total market value of all goods and services produced by a given nation over a certain time period

22.  The general expansion and contraction that the economy goes through