Chapter 1 - What is Entrepreneurship?

A new business undertaking that involves risk

The _____________________ has resulted in new resources, markets, and ideas

A business undertaking involving risk

The amount of goods or services that consumers are willing and able to buy is determined by

The amount of a good or service that producers are willing to provide is called

Process of recognizing an opportunity, testing it, and gathering resources to go into business

An idea plus ___________________ equals an opportunity

A key element in a market economy between similar businesses is

Specially designated areas of a community that provide tax benefits to new businesses

Money left over after all the expenses of running a business have been deducted from the income

The chances of a new business succeeding are good with

A change in the price of an item causes a significant change in the demand, this is

The point at which all of a product supplied has been purchased

Revenues lost to lower prices can be made through

The point at which consumers buy all of a product that is supplied

A business that files Chapter 7 bankruptcy and loses money for creditors & investors is

A free enterprise system is also called a market economy or this

A change in price has little or no effecg on demand, this is

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

A new business's ability to start and grow is affected by which of these variables?

Factors of Production include all but

The study of how nations allocate scare resources to the production & distribution of products

An idea that has commerical value

Business operating under a new name or has been purposely discontinued to start a new one is

When people have the right to make economic choices, they live in a