Chapter 1 - What is Entrepreneurship?

To draw businesses to locate in downtown Pgh, it may be established as an enterprise zone.

The chances of a new business succeeding are good with

When inflation occurs, the F.R. will lower interest rates to encourage people to borrow money.

Revenues lost to lower prices can be made up through

More than 90% of all businesses are small businesses with fewer than 100 empoyees.

Diminshing marginal utility establishes that factors other than price play a role in demand.

Founders of entrepreneurial ventures principle goals are to innovate and grow the venture.

Large auto manufacturers are an example of this type of market structure.

GNP - the total market value of goods & services produced by a nation during a given period

A key element in a market economy between similar businesses is ____.

The biggest change in entrepreneurship over the years is technology.

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

variable affecting a business's ability to start & grow

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

Which is NOT one of the four questions that all economic systems attempt to answer?

Getting a meal at a restaurant would be considered a good because you are getting food.

If Bob’s Diner closed and reopened as Bertha’s Diner, Bob’s Diner would be a business failure.

A pair of designer jeans is considered a need.

Milk is an example of a product with an inelastic demand.

Entrepreneurs have little impact on economic growth.

The govt. may grant temporary monopolies to inventors to encourage innovation.

In the 1990s, the internet & network technologies influenced a move to a service-based economy.

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

If the economy is growing too rapidly, inflation may occur.

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