Entrepreneurship Unit 1

thoughts or concepts that come from creative thinking

a short written form of business communication that has a set format

an economic system in which people have the right to make choices of which products to buy

an individual's need or desire for a product or service at a given price

the cost of choosing one opportunity or investment over another

a technique that involves generating new ideas

an agreement among a group of people

special meeting at which companies display their products

individuals decide what, how, and fro whom goods and services are produced

a situation that occurs when people's needs/wants are unlimited but resources are limited

the government determines what, how, and for whom products and services are provided

the point at which the supply and demand curves meet

how much of a good or service a producer is willing to produce at different prices

people who work for someone else

possibilities that arise from existing conditions

level of output received from each worker

one company controls the entire market

people who own, operate, and take the risk of a business venture

the private ownership of resources by individuals rather than the government

evaluation of one's strengths and weaknesses

The ability to learn a particular kind of job

production, marketing, management, and finance

formal model that helps people solve problems in a logical manner