Unit 1.1- Entrepreneurship and Enterprise (KEY VOCAB)

Good

a tangible product which can be touched

Service

an intangible product which cannot be touched

Dynamic market

A market that is constantly changing.

Obsolete

Out of date or not used anymore

Demand

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

Enterprise

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

Entrepreneur

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

Differentiation

Adapting an existing product to stand out from competitors

Competitive Advantage

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

Consumer

End-user who consumes the good or service

Customer

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

Original ideas

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

Business failure

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