Chapter 1 - What is Entrepreneurship?

A business undertaking involving risk

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

An idea that has commerical value

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

Revenues lost to lower prices can be made through

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

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

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

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

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

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

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

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

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

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

Factors of Production include all but

A new business undertaking that involves risk

A key element in a market economy between similar businesses is

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

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

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

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

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

The chances of a new business succeeding are good with

An idea plus ___________________ equals an opportunity