| A | B |
|---|
| Venture | A businessundertaking that involves risk. |
| Entrepreneur | A person who undertakes the creation, organization, and ownership of a business. |
| Services | Intangible products that satisfy consumers' wants and needs. |
| Free Enterprise System | An economic system where people can choose the things they buy, property they own, and businesses they operate. |
| Equilibrium | The point at which consumers buy all that is supplied of a product, without leaving a shortage or a surplus. |
| Enterprise Zones | Specially designated areas of a community that provide tax benefits that new businesses locating there and grants for new product development. |
| Factors of Production | The resources businesses use to produce the goods and services that people want. |
| Start-up Resources | The things an entrepreneur needs to start a business, including capital, skilled labor, management expertise, legal and financial advice, facility, equipment, and customers. |
| Scarcity | The difference between demand and supply; limited resources. |
| Elastic Demand | Situations in which a change in price creates a change in demand. |
| Entrepreneurial | Acting like an entrepreneur or having an entrepreneurial mind-set. |
| Business Failure | A business that has stopped operating, with a loss to creditors. |
| Diminishing Marginal Utility | The effect or law that states that factors other than price also affect demand, such as income, taste,a nd the amount of product already owned. |
| Environment | All the things that affect a new business but are not controlled by the entrepreneur. |
| Inelastic Demand | Situations in which a change in price has little or no effect on demand for products. |
| New Venture Organization | The infastructure that supports all the products, processes,a nd services of a new business. |
| Discontinuance | A business that has changed somehow, as with a change of name or legal status. |
| Opportunity | An idea that has commercial value. |
| Entrepreneurship | The process of recognizing an opporutnity, testing it in the market, and goathering resources necessary to go into business. |
| Profit | What is left after all the expenses of running a business are deducted from the income. |
| Economics | The study of how people allocate scarce resources to fulfill their unlimited wants. |
| Discontinuances | Businesses that disappear from tax rolls but have not necessarily failed. |
| Supply | The amount of a good or service that producers are willing to provide. |
