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Entrepreneurship
Chapter 2
Vocabulary
Section 2.1 Entrepreneurs Satisfy Needs and Wants
1. Needs
2. Wants
3. Hierarchy of Needs
4. Economic Wants
5. Non economic Wants
6. Economic Resources
7. Goods
8. Services
9. Natural Resources
10. Human Resources
11. Capital Resources
Section 2.2 How Economic Decisions are Made
12. Command Economy
13. Market Economy
14. Traditional Economy
15. Mixed Economy
16. Capitalism
17. Profit
18. Competition
19. Economic Decision Making
20. Scarcity
21. Tradeoff
22. Opportunity Cost
Section 2.3 What Affects Price?
23. Supply
24. Demand
25. Demand Elasticity
26. Elastic Demand
27. Inelastic Demand
28. Equilibrium price and quantity
29. Fixed Costs
30. Variable Costs
31. Marginal Benefit
32. Marginal Cost
33. Perfect Competition
34. Monopolistic Competition
35. Oligopoly
36. Monopoly
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