Entrepreneurship Ch. 1 Review

Question 1

A/An_______is an individual who undertakes the creation,organization, & ownership of a business

Accepted Answer

entrepreneur

Question 2

____________is the point at which consumers buy all of a product that is supplied.

Accepted Answer

equillibrium

Question 3

_____________is the quantity of goods or services that consumer are willing and able to buy.

Accepted Answer

demand

Question 4

In a/an__________, people have an important right to make economic choices.

Accepted Answer

free enterprise system

Question 5

____________is the amount of a good or service that producers are willing to provide.

Accepted Answer

supply

Question 6

The entrepreneur is the driving force of the_________________process.

Accepted Answer

start-up

Question 7

______is the study of how people choose to allocate scarce resources to fulfill unlimited wants

Accepted Answer

economics

Question 8

A__________is a basic requirement for survival.

Accepted Answer

need

Question 9

The nature and degree of competition among businesses operating in the same industry

Accepted Answer

market structures

Question 10

When one seller has control over supply and can exert nearly total control over prices

Accepted Answer

monopoly

Question 11

A____________ is a business that may be operating under a new name.

Accepted Answer

dicontinuance

Question 12

Expansion, recession, trough, and recovery and all phases of the _________________.

Accepted Answer

business cycle

Question 13

During the entrepreneurial start-up process, entrepreneurs can create value to benefit the ____

Accepted Answer

all of these!

Question 14

_____is money left after all expenses of running a business have been deducted from the income.

Accepted Answer

profit

Question 15

________occurs when demand exceeds supply.

Accepted Answer

scarcity

Question 16

A/An________________is a business that has stopped operating with a loss to creditors.

Accepted Answer

business failure

Question 17

How businesses learn what consumers want and consumers find out what businesses have to offer?

Accepted Answer

market research

Question 18

In a free enterprise system, the price of a product is determined in the_____________.

Accepted Answer

marketplace

Question 19

____________is when you have more supplies than needed.

Accepted Answer

surplus

Question 20

A/An___________is a new business undertaking that involves risk.

Accepted Answer

venture

Questions 20