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