x+entrepreneurship+unit+7

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Entrepreneur- a person who organizes, manages, and assumes the risk of a business. Risk- possibility of loss. Persistent- continuing for a long period of time to accomplish a task. Competition- when two or more companies rival for consumer dollars. 3 Types of Businesses- sole proprietorship, partnership,corporation. Sole proprietorship- business owned by one person. Partnership- business which two or more people own and operate. Corporation- business owned by many people but treated by the law as though it were one person. Stock- a share of the ownership in a company. Stockholder- a person who owns stock in a company. Business plan- a description of the goals of a business and how it will operate. Consumer- someone who purchases a good or service with the intent to use it. Producer- someone who creates a good or service. Laws of supply and demand - economic rules which influence consumer buying decisions. Law of supply- states that as the price increases the producers produce more. Law of demand- states that as the price decreases the consumers purchase more. Goods- tangible merchandise that you can see and touch. Services- intangible work done for others as an occupation or business. Profit- Money earned above the cost of running the business.
 * Unit 7: Entrepreneurship **

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Note: Start video, then pause to let it download then restart. This will keep it from pausing every so often. John decided to start a small business. He borrowed $2300 from his dad and $925 from his mother. He wants to pay off the amount in 12 equal payments to his parents. What is a reasonable amount for his monthly payment? []

Compare advantages and disadvantages of being an entrepreneur.