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1st Semester Entrepreneurship

chapters 1-4

53

Other

12/10/2012

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Cards

Term

Entrepreneur

Definition

An individual who undertakes the creation,

organization, and ownerhsip of an innovative

business.

Term

Venture

Definition

A new business undertaking that involves risk.

Term

Entrepreneurship

Definition

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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2/10

Term

Free Enterprise System

Definition

Where people can choose what to buy, what to

own, and to start a business.

Term

Profit

Definition

Money that is kept after all expenses of running a

business have been deducted.

Term

Market Structure

Definition

The nature and degree of competition among

businesses operating in the same industry.

Term

Monopoly

Definition

A market structure in which the product has only

ONE seller who has control over the supply.

Term

Oligopoly

Definition

A market structure in which there are just a FEW

competing firms.

Term

Goods

Definition

They are tangible products.


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3/10

Term

Services

Definition

They are intangible products.

Term

Need

Definition

A basic requirement for survival.

Term

Wants

Definition

Something that you do not have to have for

survival, but would like to have.

Term

Factors of Production

Definition

Land

Labor

Capital

Entrepreneurship

Term

Scarcity

Definition

When demand EXCEEDS supply.

Term

Demand

Definition

The quantity of goods or services that

CONSUMERS are willing and able to buy.




4/10

Term

Diminishing Marginal Utility

Definition

Price ALONE does NOT determine demand.

Term

Supply

Definition

The amount of a good or service that PRODUCERS

are willing to provide.

Term

Equilibrium

Definition

The point at which consumers buy ALL of a

product that is supplied.

Term

Gross Domestic Product

Definition

GDP - total market value of goods and services

produced by a nation.

Term

Business Cycle

Definition

The periodic random pattern of expansion and

contraction that the economy goes through.

(Recession, Prosperity, Depression)

Term

Competition

Definition

Rivalry among businesses for consumer money.




5/10

Term

Opportunity

Definition

An idea that has commercial potential.

Term

Business Failure

Definition

A business that has stopped operating with a

LOSS to its investors.

Term

Discontinuance

Definition

A business that was purposely discontinued by an

owner who wanted to start a new one.

Term

Investment

Definition

Amount of money a person puts into their

business.

Term

Capital

Definition

Includes the buildings, equipment, tools, and other

goods.

Term

Role Model

Definition

A person whose attitudes and achievements they

try to copy.




6/10

Term

Foundation Skills

Definition

Skills that entrepreneurs use regularly.

Term

Profile

Definition

A set of characteristics that identifies a type of

person.

Term

Achiever

Definition

A person with a record of successes.

Term

Online Business

Definition

A business that conducts bueinsss by means of

the Internet.

Term

Sustainability

Definition

A venture seeks to achieve economic,

environmental, and social goals withoutcompromising future generations.

Term

Outsourcing

Definition

Contracting with other companies for services.




7/10

Term

Social Entrepreneurs

Definition

Identify social needs and recognize them as

opportunities. (giving to a charity)

Term

Strategic Alliance

Definition

Small company forms an alliance with a bigger

company.

Term

Corporate Venture

Definition

A new venture started inside a large corporation.

Term

Innovation

Definition

Finding new ways to do things.

Term

Demographics

Definition

Personal characteristics that describe a

population.

Term

Values

Definition

The beliefs and principles you choose to live by.




8/10

Term

Franchise

Definition

A legal agreement to begin a new business in the

name of recognized company.

Term

Franchisee

Definition

The buyer of the franchise.

Term

Franchisor

Definition

The seller of the franchise.

Term

Business Broker

Definition

Someone whose job is to bring buyers and sellers

together.

Term

Trade Show

Definition

Where vendors introduce new items.

Term

Global Economy

Definition

The interconnected economies of the nations of

the world.




9/10

Term

Exporting

Definition

The selling and shipping of goods to another

country.

Term

Importing

Definition

The bying or bringing IN goods from countries to

sell.

Term

Trade Barrier

Definition

A restriction on goods entering or leaving a

country.

Term

Tariff

Definition

A type of trade barrier. (taxes imposed by the

government)

Term

Interpreter

Definition

Someone who translates a language.

Term

Trade Missions

Definition

Allow small business owners meet and talk with

foreign agents.




10/10

Term

Disposable Income

Definition

Money people have to spend after paying for

needed expenses.

Term

Trade Intermediary

Definition

An agency that serves as a distributor in a foreign

country.

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