Vocabulary Flashcards: Enterprise and Entrepreneurship Concepts (Page 1 Notes)

Vocabulary flashcards covering enterprise concepts, including enterprise, enterprising, entrepreneurial economy, entrepreneurs, and key economy components (people, businesses, government).

Enterprise

The process of identifying, developing, and bringing a vision to life by starting and growing a venture from idea to a functioning business.

Enterprising

Characterized by imagination, initiative, and willingness to undertake new projects; the drive to imagine and start a business.

Entrepreneurial Economy

An economy driven by entrepreneurship where entrepreneurs are the pioneers of growth, creating new businesses, jobs, and cascading benefits to related industries.

Entrepreneurs

Individuals who start and run new businesses; they create goods and services, hire workers, and drive economic growth.

People

The individuals who work, buy, and consume goods and services in the economy.

Businesses

Organizations that produce and sell goods or services; they hire employees and generate economic activity.

Government

The state that sets laws and provides public services (e.g., roads and schools) to support the economy.

Cascading effect

A ripple impact where new goods and services from entrepreneurs stimulate related industries and sectors.