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Entrepreneurship Mr. Bernstein Entrepreneurship and the Economy, pp 6-9 and Basic Economic Concepts, pp 11-14 February 2017 Entrepreneurship Mr. Bernstein What is an Entrepreneur? • An individual who undertakes the creation, organization, and ownership of a business • Examples? What is a venture? • A new business undertaking that involves risk • Examples? 2 Entrepreneurship Mr. Bernstein What is Entrepreneurship? • The process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business What is Intrapreneurship? • The application of entrepreneurship within a large organization 3 Entrepreneurship Mr. Bernstein What is Economics? • The study of how people choose to allocate scarce resources to fulfill their unlimited wants What is an Economic System? • A set of laws, institutions and activities that guide economic decision making 4 Entrepreneurship Mr. Bernstein The Free Enterprise System: Capitalism • Individual Economic Freedom – Individuals can choose what they wish to buy – Individuals can choose to own private property – Individuals can start business ventures and compete with other businesses • Role of Competition – Provides consumers choices – Forces businesses to improve quality and become more efficient – Reduces prices • Also known as a Market Economy 5 Entrepreneurship Mr. Bernstein Market Structure: The Nature and Degree of Competition • Monopoly • Oligopoly • Perfect Competition • Monopolistic Competition • Entrepreneurs are more likely to succeed in which market structure(s)? 6 Entrepreneurship Mr. Bernstein Market Structure: The Nature and Degree of Competition • List three companies that are in direct competition with each other. • What are the products they use to compete? • What are the relative prices of the products? • In addition to product quality and price, in what other dimension do the businesses compete? • Which product would you choose and why? 7 Entrepreneurship Mr. Bernstein Factors of Production • Land • Labor • Capital • Entrepreneurship • Which factor is most abundant in America? • Can the supply of the Factors of Production effect the overall economy? 8 Entrepreneurship Mr. Bernstein Supply and Demand Equilibrium Price: Where Supply Curve Meets Demand Curve 9 Entrepreneurship Mr. Bernstein Supply and Demand Equilibrium Price: Where Supply Curve Meets Demand Curve 10 Entrepreneurship Mr. Bernstein Supply and Demand Increase in Demand: Demand Curve shifts and now meets Supply Curve at new Equilibrium 11 Entrepreneurship Mr. Bernstein Supply and Demand Increase in Supply: Supply Curve shifts and now meets Demand Curve at new Equilibrium 12 Entrepreneurship Mr. Bernstein Supply and Demand Relationship between Supply, Demand, Price and Productivity A rise in Productivity reduces costs and causes a rise in Supply Innovation in efficiency of production reduces prices and increases economic acvtivity 13 Entrepreneurship Mr. Bernstein Economic Indicators and the Business Cycle GDP – measurement of total productivity Underground economy Business Cycle and psychology Government effect – Monetary and Fiscal policies 14