Economics and Finance in Entrepreneurship

Traditoional

________- Based on carrying on a business from past generations and families.

Socalism

________- Large part of economy is controlled by the government.

Inflation

________: the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)

Capitalism

________- People decide what to do with their businesses.

Capital

________: refers to money; specifically financial assets or the financial value of someones assets.

Scarcity

________: when there is a greater demand for something than the amount actually available.

Socialism

________: an economic system based on public or collective (such as government) ownership of resources and production.

positive difference

Profit: the ________ between the total revenue from a business or investment minus total expenses.

financial opportunity

Opportunity Cost: the ________ that is given up because you choose to do something else with your money.

Resource manemgent

________ is the effective use of resources you have available.

Capitalism

________: a system of economics based on the private ownership of business and the products (goods and services) made and sold.

Socalism

Large part of economy is controlled by the government

Traditoional

Based on carrying on a business from past generations and families

Capitalism

People decide what to do with their businesses

Mixed

Mixes all three

Economics

the study of how a society manages all of its resources to produce and distribute goods and services

Supply and Demand

the price of goods and services are based on the supply of something and the demand for it

Scarcity

when there is a greater demand for something than the amount actually available

Inflation

the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)

Opportunity Cost

the financial opportunity that is given up because you choose to do something else with your money

Profit

the positive difference between the total revenue from a business or investment minus total expenses

Capital

refers to money; specifically financial assets or the financial value of someones assets

Capitalism

a system of economics based on the private ownership of business and the products (goods and services) made and sold

P&L Statement

profit and Loss Statement

Retained Earnings

business income you save for emergencies and future expenses

Resource Management

the effective use of all the resources you have available to your business

Socialism

an economic system based on public or collective (such as government) ownership of resources and production