Entrepreneurship Vocabulary

1. Things that you think you must have in order to be satisfied

• demand

• need

• want

• economic resource

1. The means through which goods and services are produced

• demand

• need

• want

• economic resource

Things that a person must have in order to survive

• demand

• need

• want

• economic resource

1. Occurs when people’s needs and wants are unlimited and the resources to produce the goods and services to meet those needs are limited

• Capitalism

• economic decision making

• scarcity

• profit

The private ownership of resources by individuals rather than by the government

• Capitalism

• economic decision making

• scarcity

• profit

1. The process of choosing which needs and wants you will satisfy using the resources you have

• Capitalism

• economic decision making

• scarcity

• profit

The difference between the revenues earned by a business and the costs of operating the business

• Capitalism

• economic decision making

• scarcity

• profit

1. The value of the next-best alternative—the one you pass up

• Capitalism

• economic decision making

• scarcity

• opportunity cost

The quantity of good and services a producer is willing to produce at different prices

• supply

• demand

• Equilibrium price and quantity

• fixed costs

1. The quantity of a good or service that consumers will buy at a given price

• supply

• demand

• Equilibrium price and quantity

• fixed costs