1. Chapter 1.1 Vocabulary & Notes
Entrepreneurship
Chapter 1.1 Vocabulary & Notes

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

3. Venture
A new business undertaking that involves risk

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

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

6. Economics
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. Free Enterprise System
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. Profit
The amount of money that is left after all expenses have been deducted while operating a business

9. Market Structure 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. Monopoly A market structure that has only one seller in an industry
One company dominates the market and controls supply and price

11. Short Essay 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. Goods
Tangible, physical products that consumers purchase

13. Services
Intangible, nonphysical products that consumers purchase

14. Need
A basic requirement for survival
Food
Water
Shelter

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

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

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

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

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

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

21. Gross Domestic Product (GDP)
The total market value of all goods and services produced by a given nation over a certain time period

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