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Flashcards in Final (Matching) Deck (32):
1

An idea that had commercial value

Opportunity

2

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

Entrepreneur

3

Specially designated areas of a community that provide tax benefits to new businesses

Enterprise zones

4

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

Profit

5

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

Entrepreneurship

6

The point at which consumers buy all of the product that is supplied

Equilibrium

7

A business undertaking a risk

Venture

8

A trait of entrepreneurs

Goal oriented

9

Skills that are used in all jobs when setting up and running a business

Foundational skills

10

A set of characteristics that identifies a type or a category of person

Profile

11

The amount of money one puts into a business as capital

Investment

12

A person with a record of success

Achiever

13

The buildings, equipment, tools, and other goods needed to produce a product

Capital

14

The rivalry among businesses for consumer dollars

Competition

15

People who's attitudes and achievements others try to emulate

Role models

16

Customer loyalty

Goodwill

17

To contract with other companies for services

Outsource

18

Forming a partnership with another company

Strategic alliance

19

Finding new ways of doing things

Innovation

20

Periodicals published for specific types of businesses or industries

Trade magazines

21

Seller of a franchise

Franchisor

22

Characteristics that describe a population

Demographics

23

Periodicals that target people with special interests in a variety of areas

Specialty magazines

24

Insurance

Liability protection

25

Partners in the business whose liability is limited to their investment

Limited partners

26

An unincorporated business with two or more partners

Partnership

27

A business that is registered by a state

Corporation

28

Corporations that make money for reasons other than the owners profit

Nonprofit

29

Owned and operated by one person

Sole proprietorship

30

A corporation taxed like a sole proprietorship or partnership

Subchapter S

31

A company structure that protects the owners with the limited liability of a corporation

Limited liability company

32

The study of how nations allocate scarce resources to the production and distribution of products

Economics