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Chapter 1 Introduction to Entrepreneurship Flashcards | StudBud
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Chapter 1 Introduction to Entrepreneurship
Chapter 1 Introduction to Entrepreneurship
20 terms
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StudBud Administration
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Entrepreneurship and economics basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The entrepreneur is the driving force of the_________________process.
production
start-up
manufacturing
venture
2
Money left after all expenses of running a business have been deducted from the income
capital
cost
profit
surplus
3
Market structure in which a product has only one seller
oligopoly
monopoly
perfect competition
free enterprise
4
The study of how people choose to allocate scarce resources to fulfill their wants and needs
Free enterprise system
monopoly
Economics
Entrepreneurship
5
Numerous buyers and sellers, and no single buyer or seller can affect price
free enterprise
monopolistic
oligopolistic
perfect competition
6
The primary catalyst for economic growth
Economics
Entrepreneurship
Factors of production
GNP
7
The resources businesses use to produce the goods and services that people want
factors of manufacturing
start-up funds
factors of production
capital
8
This occurs when demand exceeds supply
need
production
scarcity
want
9
The economy is no longer growing.
growth
recovery
depression
recession
10
In a _______ people have an important right to make economic choices
monopoly
free enterprise system
entrepreneurship
free society
11
Tangible , Physical products satisfying consumer demands
Services
Supply
Economics
Goods
12
Basic requirement for survival
need
want
good
service
13
An individual who undertakes the creation, organization, and ownership of a business
capitalist
consumer
business owner
entrepreneur
14
Resources used to produce the goods and services that people want.
FACTORS OF MANUFACTURING
STATISTICS
FACTORS OF PRODUCTION
START-UP FUNDS
15
A/An________________is a business that has stopped operating with a loss to creditors.
discontinuance
enterprise
business failure
new venture
16
AMOR stands for:
Asset Mapping Opportunity Recognition
Asset Management Opportunity Recognition
Italian word for LOVE
Asset Management Operational Resources
17
A ____________ is a business that may have reorganized and operating under a new name
start-up
business failure
discontinuance
new venture
18
A new business undertaking that involves risk
entrepreneur
market structure
venture
monopoly
19
In a free enterprise system, the price of a product is determined in the _____________.
marketplace
company
stock market
government
20
Total market value of goods and services produced by workers in a country during a given period
Gross Domestic Product
Resources
Factors of Production
Federal Reserve
