Unit 1.1- Entrepreneurship and Enterprise (KEY VOCAB)

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13 Terms

1

Good

a tangible product which can be touched

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2

Service

an intangible product which cannot be touched

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3

Dynamic market

A market that is constantly changing.

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4

Obsolete

Out of date or not used anymore

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5

Demand

A number of goods and services that customers are willing and able to buy at a given price

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6

Enterprise

The formation of a new business bringing together factors of production or development of a new good or service

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7

Entrepreneur

Someone who takes a risk in starting a business to earn a profit

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8

Differentiation

Adapting an existing product to stand out from competitors

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9

Competitive Advantage

An advantage over competition that makes a business stand out against competitors to attract customers

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10

Consumer

End-user who consumes the good or service

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11

Customer

Someone who buys the good or service from a business for either re-sale or own use

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12

Original ideas

Ideas of a product/service that have not been used before

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13

Business failure

when a business can't meet its obligations and may need to restructure or close down

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