Basics Entrepreneurship

means giving up one thing in order to have something else

includes a set of laws, institutions, and activities that guide economic decision making.

Which is not a right in a free enterprise

Type of business where an entrepreneur personal assest cannot be taken to pay company debts

Most _________ have a free enterprise

a market structure in which there are just a few competing firms

is the capital, labor, legal and financial advice, facilities, equipment, and customers needed to start a business

Expenses is money left over after all expenses from running a business has been deducted from income

The primary purpose of a free enterprise is to make a __________

is a new business undertaking that involves risk (another name for a new business)

______ is a basic requirement for survival

is an individual who undertakes the creation, organization, and ownership of a business

a market structure in which a particular commodity has only one seller

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

is an intangible product that has no physical characteristics

_____ is an example of an intangible product.

is the process of recognizing an opportunity, testing it in the market, and gathering the resources to go into business

an owner of a corporation, a person purchases shares of stock

is owned by one person who assumes all the profits and risks from the business.

_______ is a tangible product that has physical characteristics

is an economic system in which people have important rights

is the study of how people allocate scarce resources to fulfill their unlimited wants

About one in three households is involved in an entrepreneurial enterprise.

a business that is owned by two or more people.

In a __________owners are only liable for the amount they invested in the company.