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Economics and Finance in Entrepreneurship
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27 Terms
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1
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Traditoional
________- Based on carrying on a business from past generations and families.
2
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Socalism
________- Large part of economy is controlled by the government.
3
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Inflation
________: the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)
4
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Capitalism
________- People decide what to do with their businesses.
5
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Capital
________: refers to money; specifically financial assets or the financial value of someones assets.
6
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Scarcity
________: when there is a greater demand for something than the amount actually available.
7
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Socialism
________: an economic system based on public or collective (such as government) ownership of resources and production.
8
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positive difference
Profit: the ________ between the total revenue from a business or investment minus total expenses.
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financial opportunity
Opportunity Cost: the ________ that is given up because you choose to do something else with your money.
10
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Resource manemgent
________ is the effective use of resources you have available.
11
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Capitalism
________: a system of economics based on the private ownership of business and the products (goods and services) made and sold.
12
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Socalism
Large part of economy is controlled by the government
13
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Traditoional
Based on carrying on a business from past generations and families
14
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Capitalism
People decide what to do with their businesses
15
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Mixed
Mixes all three
16
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Economics
the study of how a society manages all of its resources to produce and distribute goods and services
17
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Supply and Demand
the price of goods and services are based on the supply of something and the demand for it
18
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Scarcity
when there is a greater demand for something than the amount actually available
19
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Inflation
the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)
20
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Opportunity Cost
the financial opportunity that is given up because you choose to do something else with your money
21
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Profit
the positive difference between the total revenue from a business or investment minus total expenses
22
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Capital
refers to money; specifically financial assets or the financial value of someones assets
23
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Capitalism
a system of economics based on the private ownership of business and the products (goods and services) made and sold
24
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P&L Statement
profit and Loss Statement
25
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Retained Earnings
business income you save for emergencies and future expenses
26
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Resource Management
the effective use of all the resources you have available to your business
27
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Socialism
an economic system based on public or collective (such as government) ownership of resources and production