Entrepreneur - An ________ entrepreneur is an individual who undertakes the creation, organizations, and ownership of a business. , Venture - new businesses that undertake risks , Entrepreneurship - process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business. , Entrepreneurial - acting like an entrepreneur or having an entrepreneurial , Economics - the study of how people choose to allocate scarce resources to fullfill their wants, Free enterprise systems - They have economic rights, Profit - money that is left after all expenses of running a business have been detected from the income., Market structure - refers to the nature and degree of competition among businesses operating in the , Monopoly - market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices, Oligopoly - market structure in which there are just a few competing firms., Goods - Physical products , Services - Tangible products, Need - A basic requirement for survival , such as food and shelter , Want - Something that you do not require for survival , but would like to have , Scarcity - When occurs when demand exceeds supply, Demand - The quality of goods and services that consumers are willing and able to buy,

Chapter 1

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