Chapter 3 Entrepreneurship

Ms. McNulty (United States of America)
17 words 28 learners

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Full list of words from this list:

words only definitions & notes
  1. scarcity
    a small and inadequate amount
  2. economy
    the system of production and distribution and consumption
    Command Economy - The government determines what, how and for whom products and services are produced.
    Market Economy - Individuals decide what, how and for whom to produce goods and services.
  3. supply
    circulate or distribute or equip with
    How much of a good or service a producer is willing to produce at different prices
  4. demand
    the ability and desire to purchase goods and services
    Individual's need or desire for a product or service at a given price.
  5. equilibrium
    a stable situation in which forces cancel one another
    Equilibrium price and quantity is the point at which supply and demand curves meet.
  6. monopoly
    a market in which there are many buyers but only one seller
  7. fixed cost
    a periodic charge that does not vary with business volume
  8. variable
    something that is likely to change
    Relating to costs, variable costs go up and down depending on the quantity of goods and/or services produced.
  9. benefit
    something that aids or promotes well-being
    marginal benefit - Measures the advantages of producing one additional unit of a good and/or service.
  10. marginal cost
    the increase or decrease in costs as a result of one more or one less unit of output
    Measures the disadvantages of producing one additional unit of a good and/or service.
  11. opportunity cost
    the benefits lost by choosing one option over another
  12. good
    benefit
    A good in which everyone receives benefit.
  13. OSHA
    a government agency in the Department of Labor to maintain a safe and healthy work environment
  14. subsidy
    a grant of financial assistance, especially by a government
  15. market economy
    an economy that relies on market forces to determine prices
  16. USDA
    the federal department that administers programs that provide services to farmers (including research and soil conservation and efforts to stabilize the farming economy); created in 1862
  17. purchase
    acquire by means of a financial transaction
Created on Thu Nov 07 13:54:26 EST 2013 (updated Tue Nov 12 07:43:43 EST 2013)

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