ENTREPRENEUR-CH. 1

consists of the equipment, factory, tools, and other goods needed to produce a product.

the study of how people choose to allocate scarce resources to fulfill their unlimited wants.

the infrastructure of the business

a new business undertaking that involves risk

the human effort used to produce goods and services

a basic requirement for survival, such as food and shelter.

refers to situations in which a change in price has very little effect on demand for products.

something that you do not have to have for survival, but would like to have.

tangible products

intangible (nonphysical) products.

an idea that has commercial value

the amount of a good or service that producers are willing to provide

 market structure which a particular commodity has only one seller who has control over supply

may be a business that is operating under a new name

a business that has stopped operating with a loss to creditors

market structure in which there are just a few competing firms.

all of the natural resources upon and beneath the earth's surface.

people have an important right to make economic choices

money that is left after all expenses of running a business have been deducted from the income.

an individual who undertakes the creation, organization, and ownership of a business

the quantity of goods or services that consumers are willing and able to buy

 process of recognizing opportunity, testing it in market and gathering necessary resources.

the general pattern of expansion and contraction that the economy goes through

occurs when demand exceeds supply

refers to the situations in which a change in price creates a change in demand

the total market values of goods and services produced by workers and capital within a nation.

the point at which consumers buy all of a product that is supplied.