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