Entrepreneurship Midterm

An individual who undertakes the creation,organization, and ownership of an innovative business for potential growth

A new business undertaking that involves risk

Is the process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business.

 is the study of how people choose to allocate scarce resources to fufill their unlimited wants

 People have an important right to make economic choices

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

Tangable products

intangible products

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

occurs when demand exceeds supply.