Term
| Entrepreneur/ entreprenurship |
|
Definition
| a person who starts a new business, especially if it involves a new idea or product by the entrepreneur. entrepreneurship - the adility to be an effective entrepreneur - is a very important resource. entrepreneurs bring ideas, talent, and a willingness to "put it all together" to create new products and services. |
|
|
Term
|
Definition
| the basic economic system in the U.S.and most modern industrial nations, it is also called capitalism or the capitalist system. in this system, individuals nown business, and have choose how to spend, buy, sell or invest without undue government interference. Business decisions are normally based on what will bring the highest profit, and businesses compete freely with other businesses. Since consumers have the freedom to decide what to buy, this means that businesses normally produce good products that consumers desire at affordable prices. |
|
|
Term
|
Definition
| anything that motivates or encourages an individual or business to do something. in free market system , profit is the incentive that motivates business to make better products at lower prices. |
|
|
Term
|
Definition
| a market is a place where things are bought and sold. Prices in a market can vary up or down over time, depending on supply and demand for various products being offered. Markets are sometimes physical places where sellers offer their goods and buyers can walk by and shop. markets can also be conducted in other ways, such as online auctions and other Internet based business. |
|
|
Term
|
Definition
| the factories, farms, and mines of the nation. in a communist or other command economy these are owned and controlled by the government. in a free economy individuals and businesses have the right to own means of production |
|
|
Term
|
Definition
| an economy that has a mix of free market system with some government influence. The US economy is best described as a mixed economy in which the free market system is the largest part, but the government also plays a role by providing public services such as schools and roads. Most countries in the world today use some form of a mixed economy |
|
|
Term
|
Definition
| in any economics decision, the value of the "next best alternative" choice that was given up. |
|
|
Term
|
Definition
| the amount of money exchanged for a good or service. in a free market system , prices are determined by interaction of supply and demand. in a command economy prices are set by the government |
|
|
