1. BUSINESS FAILURE - A business that files bankruptcy and loses money for creditors, the people who lent them money, and their investors. 2. CAPITAL – The buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items. 3. COMPETITION – Striving for the same customer or market. 4. DEMAND – The amount of quantity of goods and services that consumers are willing and able to buy. 5. DISCONTINUANCE – A business that is operating under a new name or a business that has been purposely discontinued. 6. ECONOMICS – The branch of social science that deals with the production and distribution and consumption of goods and services and their management. 7. ELASTIC – When a small change in price produces a large change in demand. 8. ENTERPRISE ZONES – Specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development. 9. ENTREPRENEURIAL – is used to describe someone who makes money by starting their own business, especially when this involves seeing a new opportunity and taking risks. 10. ENTERPRISE – a unit of economic organization or activity specifically a business organization. 11. FREE ENTERPRISE SYSTEM – An economic system in which people are free to operate their businesses as they see fit, with little government interference. 12. INELASTIC – When a small change in price produces little or no effect on the quantity demanded. 13. INVESTMENT – The amount of money one puts into a business as capital. 14. OPPORTUNITY – An idea that has commercial value. 15. PROFIT – Money that is left after all the expenses of running a business have been deducted from the income. 16. SCARCITY – When wants are greater than resources. 17. SERVICES – Intangible items that have monetary value and satisfy needs and wants. 18. Start-up Resources – Resources an entrepreneur needs to have when starting a business, including capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and customers. 19. Venture – A business undertaking involving risk. 20. BENEFITS – Employment rewards for service in addition to salary. They may include paid leave, insurance, and a pension plan. 21. BONUS – A financial reward made in addition to a regular wage or salary. 22. COMMISSION – A percentage of a sale paid to a salesperson. 23. DELEGATE – to allow other people to share workloads and responsibilities. 24. FREELANCERS – people who provide specialty services to businesses on an hourly basis or by the job. 25. INTERNS – students who will work for little or no pay in order to gain experience in a particular field. 26. JOB ANALYSIS – the process of determining the tasks and sequence of tasks necessary to perform a job. 27. JOB DESCRIPTION – a written statement listing the tasks and responsibilities of a position. 28. ORGANIZATIONAL CHART – shows who reports to whom in the company, or the chain of command. 29. PERFORMANCE EVALUATION – a management control tool that helps determine whether the objectives for a particular job are being met. 30. PROFIT SHARING – a compensation arrangement in which employees are paid a portion of the company’s profits. 31. RECRUIT – to look for people to hire and attract them to the business. 32. SALARY – an amount paid for a job position stated on an annual basis. 33. STAFFING – involves determining the number of employees a company needs and defining a process for hiring them. 34. WAGES – payments for labor or services that are made on a hourly, daily, or per-unit basis. 35. Organizational structure - plan that show how the various jobs in a company related to one another. 36.