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

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ENTREPRENEUR? ??

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

Page 1: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

ENTREPRENEUR???

Page 2: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 3: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 4: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

ECONOMICS

The study of the decisions or choices that go into

making, distributing and consuming products.

Page 5: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 6: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 7: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

How do companies compete?

Price Competition Non-Price Competition

Page 8: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 9: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

Roles of Competition• Forces efficiency

• Keeps prices down and quality up

• Encourages non-price factors:

- quality

- services

- reputation

Page 10: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

Goods and Services

• Products produced by our economic system in order to satisfy our wants

• Goods – tangible (physical) products

• Services – intangible (conceptual) products

Page 11: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

FACTORS OF PRODUCTION

• Land

• Labor

• Capital

• Entrepreneurship

Page 12: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

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

Page 13: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

LABOR• Human

resources

• Workers (full and part time)

• Management

Page 14: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

CAPITAL• Equipment

• Factories

• Tools

• Money

Page 15: ENTREPRENEUR ??? Primary Learning Goals Define Entrepreneur and Economics, Distinguish the difference between Goods and Services List three elements.

ENTREPRENEURSHIP

Ideas anddecisions of thebusiness ownerto bring togetherall of theother factors

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

Management• Etc.


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