Spotlighting Entrepreneurs: A Technology "iCon"
Glossary terms from:
Any activity or organization that produces or exchanges goods or services for a profit.
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource.
Payments for goods and services.
Economic units that demand productive resources from households and supply goods and services to households and government agencies.
A new idea or method.
Money paid regularly, at a particular rate, for the use of borrowed money.
The process of putting money someplace with the intention of making a financial gain. Investment possibilities include stocks, bonds, mutual funds, real estate, and other financial instruments or ventures.
A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.
Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
A good or service that can be used to satisfy a want.
Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.
The chance of losing money.
Use money now to buy goods and services.
Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.
Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.