Glossary Terms:

US History: Inventors & Entrepreneurs

Glossary terms from:
http://www.econedlink.org/e62


Benefit

Monetary or non-monetary gain received because of an action taken or a decision made.

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.

Corporation

A legal entity owned by shareholders whose liability for the firm's losses is limited to the value of the stock they own.

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Entrepreneur

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.

Entrepreneurship

A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource.

Incentive

Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.

Innovation

A new idea or method.

Inventors

Someone who creates or devises a new process, application, machine, or article of application.

Money

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.

Product

A good or service that can be used to satisfy a want.

Profit

Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Risk

The chance of losing money.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Work

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.