ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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Presentation transcript:

ENTREPRENEUR ???

Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements that make up a Free Enterprise system Discuss the role of competition

ENTREPRENEUR Person that undertakes the creation, organization and ownership of a business by accepting its risks and responsibilities in order to gain profit and personal satisfaction

ECONOMICS The study of the decisions or choices that go into making, distributing and consuming products.

FREE ENTERPRISE SYSTEM Right to choose what products to buy Right to own private property Right to start a business and compete with other businesses

Elements of a Free Enterprise System Profit - Risk - Competition money left after all the expenses have been deducted from the business’ income encourages production of quality products to meet consumer needs - Struggle between companies for customers

How do companies compete? Price CompetitionNon-Price Competition

Types of Competition Price Competition Anything related to price Every Day Low Prices Sale Non-Price Competition Location Product quality Product selection Company reputation Company expertise Services offered

Roles of Competition Forces efficiency Keeps prices down and quality up Encourages non-price factors: - quality - services - reputation

Goods and Services Products produced by our economic system in order to satisfy our wants Goods – tangible (physical) products Services – intangible (conceptual) products

FACTORS OF PRODUCTION Land Labor Capital Entrepreneurship

LAND All natural resources Geographic location Air Water Trees Minerals Crude oil

LABOR Human resources Workers (full and part time) Management

CAPITAL Equipment Factories Tools Money

ENTREPRENEURSHIP Ideas and decisions of the business owner to bring together all of the other factors Scheduling Financing Marketing Purchasing Security/Risk Management Etc.

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