Reflection on Chapter 1

  Before this unit, I had no idea of the Supply and Demand Theory. I learned the 3 basic types, Law of Demand which is as prices go up the need of the demand goes down. Demand Elastic, is like when expensive items increase, more cheaper items are bought. The last theory states no matter how high prices are customers are still going to buy the product which is called Demand Inlasticity. I also learned how the economy can effect entrepreneurs. Say for instance if the economy is bad, then entrepreneurs loose jobs and money, but in vice verso entrepreneurs also help the economy by providing jobs and help the economy grow. In section I was introduced to the the entrepreneurial start-up process which is 1. the entrepreneur is the innovators who come up with the idea. 2. the environment which is where the entrepreneurs choose to start their business. 3. the opportunity which is what i think like when the entrepreneur knows he have a chance to make money in the area they are located. 4. start-up resources which are the resources used to start your business. 5. new venture organization which is the infrastructure so like the transportation of the business. I learned about 66% of small business survive the 1st year of operating, and learned some facts about busniess failure.