1st Semester Entrepreneurship Flashcards PDF

1st Semester Entrepreneurship Flashcards
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1st Semester Entrepreneurship chapters 1-4 53 Other 12/10/2012
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Term Definition
Entrepreneur
An individual who undertakes the creation, organization, and ownerhsip of an innovative business.
Term
Definition
Venture
A new business undertaking that involves risk.
Term
Definition
Entrepreneurship
The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources to go into business.
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Term
Definition
Free Enterprise System
Where people can choose what to buy, what to own, and to start a business.
Term
Definition
Profit
Money that is kept after all expenses of running a business have been deducted.
Term
Definition
Market Structure
The nature and degree of competition among businesses operating in the same industry.
Term
Definition
Monopoly
A market structure in which the product has only ONE seller who has control over the supply.
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Definition
Oligopoly
A market structure in which there are just a FEW competing firms.
Term
Definition
Goods
They are tangible products.
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Term
Definition
Services
They are intangible products.
Term
Definition
Need
A basic requirement for survival.
Term
Definition
Wants
Something that you do not have to have for survival, but would like to have.
Term
Definition
Factors of Production
Land Labor Capital Entrepreneurship
Term
Definition
Scarcity
When demand EXCEEDS supply.
Term
Definition
Demand
The quantity of goods or services that CONSUMERS are willing and able to buy.
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Term
Definition
Diminishing Marginal Utility
Price ALONE does NOT determine demand.
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Definition
Supply
The amount of a good or service that PRODUCERS are willing to provide.
Term
Definition
Equilibrium
The point at which consumers buy ALL of a product that is supplied.
Term
Definition
Gross Domestic Product
GDP - total market value of goods and services produced by a nation.
Term
Definition
Business Cycle
The periodic random pattern of expansion and contraction that the economy goes through. (Recession, Prosperity, Depression)
Term
Definition
Competition
Rivalry among businesses for consumer money.
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Term
Definition
Opportunity
An idea that has commercial potential.
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Definition
Business Failure
A business that has stopped operating with a LOSS to its investors.
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Definition
Discontinuance
A business that was purposely discontinued by an owner who wanted to start a new one.
Term
Definition
Investment
Amount of money a person puts into their business.
Term
Definition
Capital
Includes the buildings, equipment, tools, and other goods.
Term
Definition
Role Model
A person whose attitudes and achievements they try to copy.
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Term
Definition
Foundation Skills
Skills that entrepreneurs use regularly.
Term
Definition
Profile
A set of characteristics that identifies a type of person.
Term
Definition
Achiever
A person with a record of successes.
Term
Definition
Online Business
A business that conducts bueinsss by means of the Internet.
Term
Definition
Sustainability
A venture seeks to achieve economic, environmental, and social goals without compromising future generations.
Term
Definition
Outsourcing
Contracting with other companies for services.
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Term
Definition
Social Entrepreneurs
Identify social needs and recognize them as opportunities. (giving to a charity)
Term
Definition
Strategic Alliance
Small company forms an alliance with a bigger company.
Term
Definition
Corporate Venture
A new venture started inside a large corporation.
Term
Definition
Innovation
Finding new ways to do things.
Term
Definition
Demographics
Personal characteristics that describe a population.
Term
Definition
Values
The beliefs and principles you choose to live by.
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Term
Definition
Franchise
A legal agreement to begin a new business in the name of recognized company.
Term
Definition
Franchisee
The buyer of the franchise.
Term
Definition
Franchisor
The seller of the franchise.
Term
Definition
Business Broker
Someone whose job is to bring buyers and sellers together.
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Definition
Trade Show
Where vendors introduce new items.
Term
Definition
Global Economy
The interconnected economies of the nations of the world.
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Term
Definition
Exporting
The selling and shipping of goods to another country.
Term
Definition
Importing
The bying or bringing IN goods from countries to sell.
Term
Definition
Trade Barrier
A restriction on goods entering or leaving a country.
Term
Definition
Tariff
A type of trade barrier. (taxes imposed by the government)
Term
Definition
Interpreter
Someone who translates a language.
Term
Definition
Trade Missions
Allow small business owners meet and talk with foreign agents.
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Term
Definition
Disposable Income
Money people have to spend after paying for needed expenses.
Term
Definition
Trade Intermediary
An agency that serves as a distributor in a foreign country.
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Home >> Flashcards >> Other >> 1st Semester Entrepreneurship

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1st Semester Entrepreneurship chapters 1-4 53 Other 12/10/2012

Additional Other Flashcards

Related Study Documents from www.coursehero.com

A new business undertaking that involves risk.

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