Junior+Achievement

Vocabulary - Key Terms


 * Entrepreneur: a person who starts his or her own business in the hope of earning a profit
 * Entrepreneurship: the imagination, innovative thinking, and management skills needed to start and operate a business
 * Free enterprise: a system that allows people to make choices freely in their economic roles
 * Goods: items that can be bought or sold
 * Profit: the amount of money left after all business expenses have been paid
 * Service: work done for others, such as haircuts or car repairs
 * Inventor: creates and produces a product or item for the first time by using his or her imagination or reasoning and experimentation
 * Patent: a legal title that protects and invention from being copied for a limited time. In the United States, a patent is granted for 20 years.

Session 2: Capital Resources: Buildings, tools, and machines that are used to produce goods or services. Human Resources: People who do the work that a business needs Natural Resources: Things that occur naturally in the world, such as water, minerals, and trees. Opportunity cost: The value of the next best alternative given up when a choice is made. Resource: Something of value that takes care of a need. Scarcity: A situation in which people can't have everything that they want because of limited resources Technology: The use of machinery, equipment, and/or processes to make or do something. Technophiles: People who are comfortable with and adapt to new equipment easily. Technophobes: people who are trying new technological devices.

Session 3: Communication: Written or spoken exchange between people to share information Demand: The quantity of a particular good or service that consumers are willing and able to buy Engineering: Using a foundation of math and science to design better products, engineers build and test prototypes or models to see if they work. Skills: A person’s talents or abilities Supply: The quantity of a good or service that producers are willing and able to sell at different prices at a particular time.

Session 4

Employees- People who work for a business Employers- Businesses that hire workers High-growth, high demand jobs: Jobs projected to add substantial numbers of employees to the workforce or affect the growth of other industries Job interview: The discussion between a potential employee and employer to help decide if the job is a good match Resume: A written summary of a person’s education and work experience to help employers hire the best employees for the job.