Business and Economic Concepts

Front

An individual who starts their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.

Back

Entrepreneur

Front

The creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.

Back

Entrepreneurship

Front

An economic system in which private business operates in competition and largely free of state control. Freedom of private business to operate. (Government is barely involved)

Back

Free Enterprise

Front

An economic system based on supply and demand. (Little to no government is involved)

Back

Free Market

Front

An economic and political system in which a country's trade and industry are controlled by private owners for profit. (Government is heavily involved)

Back

Capitalism

Front

A system of value that facilitates the exchange of goods in an economy. (Value; IT IS A TOOL).

Back

Money

Front

The objective analysis and evaluation of an issue in order to form a judgment.

Back

Critical Thinking

Front

Team members get to know each other, establish ground rules.

Back

Forming

Front

Conflicts arise as team members assert their ideas.

Back

Storming

Front

Team starts to resolve conflicts, establish norms.

Back

Norming