Chapter1 ENT

2. Enterprise System, People can choose what to buy. own property. and start a business
5. Study of how people in governments choose to use scarce resources
9. Tangible products that can be bought and sold
10. Market structure where one business can complete control over a product/ industry
12. Amount of a product that produce and willing to sell at given price
13. Money left over after expenses are paid
14. Demand, Change in price has little to no change on the demand for a product
15. Demand, Change in price greatly changes the demand for the product
17. Cycle, Periods of economic growth and recession over time
20. Zones, Specially designed areas in a community where provides taxes breaks to help encourage new business growth
22. Business that is operating under a new name or has a new owner no harm to creditors
23. someone who starts and runs their own business

1. New business undertaking that involves risk. running the daily task of a business
2. of Production, Land . labor . entrepreneurship. and capital resources used to run a business
3. Market structure where a few businesses can control over a product and industry
4. Failure, Business that has stopped operating because a loss of creditors. files bankruptcy
6. Resources, Capital. skilled labor. Management expertise. legal and financial advice. facility. equipment. and customers that are needed to start a business
7. Marginal Utility, You will only buy as much of a product that you’ll use or will make you happy
8. Quanty of a product that consumes are willing and able to buy at a given prices
11. An idea that has a commercial value and is in demand . marketable product
16. Intangible products that can be bought and sold
18. Resources are limited . but wants are unlimited. forces people to make choices
19. Domestic Product, Total market value of all product being produce and capital in a nations economy
21. Structure, How businesses in similar industries compete with one another impacts product prices and quality