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Entrepreneurship Flashcards | StudBud
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Entrepreneurship
Entrepreneurship
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#entrepreneur #smallbusiness #privateownership
Flashcards
26 cards
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Questions
26
Answers
1
Shifters of Supply are...
priceofresources, #producers, tech, tax&subsds, expectation
demand
prefs, #consumers, price related goods, income, expectation
rumors
2
Capitalism is based on basic principals. They are...
Love, Peace, & War
Private property, Freedom of Choice, Profit, Competition
Entrepreneurship, Labor, Unions
Market, Command, Traditional, Mixed
3
The most essential characteristic of an entrepreneur is...
responsible
independence
self-confidence or "inner-control"
risk-taker
4
When the quantity supplied is greater than the quantity demanded it is...
goods
services
surplus
deficit
5
What happens to the demand for Jeni's Ice Cream when the price decreases?
Demand and Supply increases
Nothing. Demand remains & the quantity demanded increases.
Demand decreases
Demand Increases
6
When the quantity demanded is greater than the quantity supplied it is...
goods
deficit
services
surplus
7
The first step in the Problem Solving Model is...
Define the Problem
Evaluate the Action
Gather Information
Communicate ideas
8
The rivalry among businesses to sell their goods & services is...
war
profit
competition
freedom of choice
9
Small businesses (less than 500 employees) represent what % of American businesses?
99.7%
37.8%
76.3%
89.4%
10
Success rates for survival of small businesses can be enhanced if a business has...
adequate capital & enough employees
location, location, location
creative ideas & hard work
a strong partnership & venture capitalists
11
What percentage of businesses survive two years?
50%
100%
44%
67%
12
What 4 environmental factors affect new business growth?
money, money, money, money
creativity, ingenuity, capital, freedom
thenature, resource availability, realizing value, incentive
money, labor, time, effort
13
Changes in price motivates customers to buy cheaper substitutes is...
Law of Diminishing Marginal Utility
Law of Demand
the Substitution Effect
Law of Supply
14
The Marketing Mix includes...
Product, Price, Place & Production
Land, Labor, Capital, Entrepreneurship
Marketing, PR, Advertising, Finance
Product, Price, Place & Promotion
15
What percentage of new businesses survive at least four years?
100%
67%
50%
44%
16
The direct relationship between price & quantity supplied is...
Substitution Effect
Law of Supply
Law of Demand
the Supply Curve
17
The inverse relationship between price & quantity is the ...
Substitution Effect
Law of Supply
Demand Curve
Law of Demand
18
A brainstorming session....
elaborates on the best ideas from a small group of people.
separates the good & bad ideas.
thinks through a couple of very good ideas, perfecting them.
creates as many ideas as possible without deciding good/bad
19
The American Recovery & Reinvestment Act of 2009 gave small businesses...
$30bn in tax relief & $14bn in loans, credit, & capital
$30bn in grants & $14bn in subsidies 2 stimulate the economy
$30bn in credits to use for labor productivity
$30bn in surplus from government purchases to resell
20
Shifters of Demand are...
supply
rumors
priceofresources, #producers, tech, tax&subsds, expectation
prefs, # consumers, price related goods, income, expectation
21
Four main types of entrepreneurial businesses are...
land, labor, capital, entrepreneurship
restaurants, clothing boutiques, transport drivers
opportunities & ideas
manufacturing, wholesaling, retailing, & service
22
The types of economic systems are...
Communism, Socialism, Capitalism
Private property, Freedom of Choice, Profit, Competition
Dictatorship, Democratic, Republic
Command, Market, Traditional, Mixed
23
The difference between the revenues earned by a biz and the cost of operating the biz is...
gross value
profit
supply & demand
loss
24
If you continue to consume Frappuccinos, you eventually get ___________ from each unit.
weight gain
more benefit
less utility or satisfaction
less desire
25
The idea that you get less utility from continual consumption of a product is called...
Substitution Effect
Income Effect
Shifter of Demand
Law of Diminishing Marginal Utility
26
The value of the next-best alternative that you pass up is...
scarcity
demand
opportunity cost
supply
