A business that has stopped operating with a loss to its creditors

The quantity of goods or services that producers are ready and willing to buy that product

The effect that factors other than price play a role in demand

A business that disappears from the tax roles because it is operating under another name or the owner has stopped operations

The study of how people allocate scarce resources to fulfill their unlimited wants

Situations in which a change in price creates a change in demand

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

The process of recognizing an opportunity, testing in the market, and gathering resources necessary to go into business

The point where there is neither a surplus nor a shortage

The resources businesses use to produce the goods and services that people want

Also known as capitalism or market economy

Tangible (or physical) products that satisfy consumers' needs/wants

Situations in which a change in price has little or no effect on demand for products

The nature and degree of competition among businesses operating in the same industry; affects price

A market structure in which a particular commodity has only one seller

A basic requirement for survival

The infrastructure or foundation that supports all the products, processes, and services of a new business

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

An idea that has commercial value when consumers are ready and willing to buy that product

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

Limited resources

Intangible (nonphysical) products that satisfy consumers' wants/needs

The capital, skilled labor, management expertise, legal advice, facility, equipment, and customers needed to begin a new business

The amount of goods or services that producers are willing to provide

A new business undertaking that involves risk

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

people have an important right to make economic choices

market structure in which there are numerous buyers and sellers, and no single buyer or seller can affect price

total market value of goods and services produced by workers and capital within a country during a given period of time

Percent of new businesses that survive the first 2 yrs according to a Small Business Administration report

What will be produced?

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Small business owners do not usually create jobs for themselves to meet personal goals.

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The Entrepreneur

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