| A | B |
|---|
| Explain | to make an idea, situation, or problem clear |
| Demonstrate | to show someone how to do something |
| Analyze | to break down in detail in order to identify causes, key factors and/or possible results |
| Predict | to say what will happen in the future |
| Apply | the ability to use learned material for a particular purpose |
| Competition | striving for the same customer or market |
| Investment | the amount of money one puts into a business as capital |
| Capital | the buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items |
| Foundational skills | math, communication, and decision-making skills that entrepreneurs use regularly in setting up and running a business |
| Profile | a set of characteristics or qualities that identify a type or a category of person |
| Equilibrium | the point at which consumers buy all of a product that is supplied |
| Environment | elements affecting a business that are not controlled by the entrepreneur |
| Scarcity | when wants are greater than resources |
| Demand | the amount or quantity of goods or services that consumers are willing and able to buy |
| Elastic | if a small change in the price of an item causes a significant change in the quantity demanded |
| Inelastic | if a change in price has little or no effect on the quantity demanded |
| Networking | Developing business contacts to form business relationships, increase your knowledge, expand your business base, or serve the community. |
| Patent | a government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time |
| Trademark | A form of legal protection for words, names, symbols, sounds, or colors that distinguish goods and services; can be renewed forever as long as they are being used in business. |
| Consumer | a person who purchases goods and services for personal use |
| Economy | the process or system by which goods and services are produced, sold, and bought in a country or region |
| Resources | a source of supply or support |
| Producer | someone who creates and supplies goods or services |
| Profit | the difference between the revenue received from the sale of an output and the opportunity cost of the inputs used |
| Return on investment | measures the gain or loss generated on an investment relative to the amount of money invested. |
| Opportunity cost | A benefit, profit, or value of something that must be given up to acquire or achieve something else |
| Supply | a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. |
| Marketing | the process or technique of promoting, selling, and distributing a product or service |
| Entrepreneur | someone who organizes a business venture |
| Fund | a reserve of money set aside for some purpose |
