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ENTREPRENEURSHIP – CHAPTER 1 OUTLINE
WHAT IS ENTREPRENEURSHIP?
I. The Role of Small Business and Entrepreneurship in the Economy
Entrepreneur –
Venture –
Entrepreneurship Entrepreneurial –
II. Entrepreneurship Today
Economics –
III. The Free Enterprise System
Other names for the free enterprise system are:
A. The Profit Motive
Profit -
B. The Role of Competition
IV. Economics: Making Choices
A. Goods and Services
Goods –
Services –
B. Four Factors of Production
1.
2.
3.
4.
C. Scarcity
Scarcity –
V. The Laws of Supply and Demand
The price of a product or service is determined in the marketplace.
VI. Demand
Elastic –
Inelastic –
In general, demand tends to be inelastic in the following circumstances:
1.
2.
3.
Diminishing Marginal Utility –
Other factors that that play a role in determining demand are:
1.
2.
3.
VII. Supply
VIII. Surplus, Shortage and Equilibrium
Equilibrium -
VIV. What Entrepreneurs Contribute
1.
2.
3.
4.
X. Small Businesses versus Entrepreneurial Ventures
The three main reasons that not all businesses stay small are:
1.
2.
3.
A. Small Businesses
B. Entrepreneurial Ventures