ENTREPRENEURSHIPAn individual who undertakes thecreation, organization, and ownershipof a business.He or she accepts the risks andresponsibilities of business ownershipto gain profits and personalsatisfaction.
ENTREPRENEURSHIPIn a free enterprise system to make economic choices.- People can choose what products to buy.- People can choose to own property.- People can choose to start a business and compete with other businesses.
ENTREPRENEURSHIPThe free enterprise system is also called capitalism or a market economy.- People can choose what products to buy.- People can choose to own property.- People can choose to start a business and compete with other businesses.
ENTREPRENEURSHIPNeeds are essential- If it’s required in order to live it is a need.- Food, shelter, water, clothes and clean air are needs.- In today’s economy a good education, employment and safety are also needs.- Some people need transportation.
ENTREPRENEURSHIPWants enhance the quality of life- Wants add comfort and pleasure to our lives- Sometimes it’s not easy to tell which products or services are wants and needs.- Sometimes your culture, age, economic status and family lifestyle determine which are necessary.
ENTREPRENEURSHIP- Needs and wants are satisfied by consuming goods and services.- Goods are things you can see and touch – products you can purchase to meet your wants and needs.- Services are activities that are consumed at the same time they are produced.
ENTREPRENEURSHIP1. Land – All of the natural resources upon and beneath the earth’s surface.2. Labor – The human effort required to produce goods and services.3. Entrepreneurship – The ideas and decisions of the entrepreneur or business owner.4. Capital – Equipment, factory, tools and other goods needed to produce a product.