Entrepreneurship and Free Markets

These flashcards cover key concepts from the lecture on entrepreneurship, economics, and the principles that underpin free markets.

At-Will Employment

Employment arrangement where either the employer or employee can terminate the relationship at any time without cause.

Austrian School of Economics

A school of economic thought that emphasizes the importance of individual action and free markets.

Non-Aggression Principle

Philosophical concept stating that aggression against another's property or person is inherently wrong.

Willingness to Pay (WTP)

The maximum amount a consumer is willing to spend on a product or service based on its perceived value.

Misallocation of Resources

An inefficient distribution of resources where goods and services are not produced in the most socially beneficial way.

Freedom and Liberty in Entrepreneurship

Essential conditions that allow entrepreneurs to create, innovate, and operate without oppressive regulation.

Market Dynamics

The forces that impact the supply and demand of goods and services in a given market.

Property Rights

Legal rights to use, manage, and transfer property, including physical possessions and intellectual property.

Strategic Pivot

A fundamental shift in the strategy of a company, often in response to market demands or to pursue new opportunities.

Obscene Profits

Profits that are viewed as excessive or unjust, often criticized in discussions about equity and redistribution.

Supply and Demand

Economic model explaining how the price and quantity of goods are determined in a market.