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