Ch 1 Vocab

Entrepreneurship I
Chapter 1: What Is Entrepreneurship Vocabulary
Business Failure
Diminishing Marginal Utility
Enterprise Zones
Factors of Production
Free Enterprise System
New Venture Organization
Start-up Resources
Nina Southern – Entrepreneurship I
A business that files Chapter 7 bankruptcy and loses money for
creditors, the people who lent them money, and their investors.
The amount or quantity of goods or services that consumers
are willing and able to buy.
The principle establishing that price alone does not determine
A business that is operating under a new name or a business
that has been purposely discontinued to start a new one.
The study of the decisions or choices that go into making,
distributing, and consuming products.
Term to describe a product for which a small change in price
causes a significant change in the quantity demanded.
Specially designed areas of a community that provide tax
benefits to new businesses locating there and grants or new
product development.
An individual who undertakes the creation, organization, and
ownership of a business.
Of or having to do with an entrepreneur or entrepreneurs
The process of getting into and operating one’s own business
Elements affecting a business that are not controlled by the
The point at which consumers buy all of a product that is
supplied, leaving neither a surplus nor a shortage.
The resources that businesses use to produce the goods and
services that people want.
Economic system in which people have the right to make
economic choices of what products to buy, whether or not to
own private property, or to start a business and compete with
other businesses. Also called capitalism or a market economy.
If a change in price has little or no effect on the quantity
demanded, we say that demand for the item is.
The shell that surrounds all the products, processes, and
services that are part of the new business.
An idea that has commercial value.
Money that is left after all the expenses of running a business
have been deducted from the income.
When wants are greater than resources.
Intangible (or conceptual) products. Barbers, plumbers, and
Web designers run service businesses.
Resources an entrepreneur needs to have when starting a
business, including capital, skilled labor, management
expertise, legal most importantly, customers.
A business undertaking involving risk.