ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the...

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 Competition Non-Price Competition

Types of CompetitionTypes 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 anddecisions of thebusiness ownerto bring togetherall of theother factors

• Scheduling• Financing• Marketing• Purchasing• Security/Risk

Management• Etc.

ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the...

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