Entrepreneurship 1 - Vocabulary Review

Question 1

Contracting with other companies for services.

Accepted Answer

outsourcing

Question 2

The rivalry among businesses for consumer dollars.

Accepted Answer

competition

Question 3

Personal characteristics that describe a population.

Accepted Answer

demographics

Question 4

The general pattern of expansion and contraction that the economy goes through.

Accepted Answer

business cycle

Question 5

Point at which consumers buy all of a product that is supplied.

Accepted Answer

equilibrium

Question 6

Finding new, creative ways of doing things.

Accepted Answer

innovation

Question 7

Something not required for survival but you would like to have.

Accepted Answer

want

Question 8

Occurs when demand exceeds supply.

Accepted Answer

scarcity

Question 9

A trade wall defined by countries that prevents goods entering or leaving a country.

Accepted Answer

trade barrier

Question 10

The amount of money a person invests into his/her business is called

Accepted Answer

investment

Question 11

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

Accepted Answer

entrepreneur

Question 12

Federal agency that provides services to small businesses and new entrepreneurs.

Accepted Answer

Small Business Administration

Question 13

The money, skilled labor, management expertise, equipment, etc. need to start a new business.

Accepted Answer

start-up resources

Question 14

The interconnected economies of the nations of the world.

Accepted Answer

global economy

Question 15

Businesses use to produce goods and services..

Accepted Answer

resources

Question 16

A set of qualities that identifies a type of person.

Accepted Answer

characteristics

Question 17

A formal document about a company's past, present and future

Accepted Answer

concept, business plan

Questions 17