Entrepreneurship Ch. 1 Review

____________is when you have more supplies than needed.

____________is the amount of a good or service that producers are willing to provide.

Expansion, recession, trough, and recovery and all phases of the _________________.

A/An___________is a new business undertaking that involves risk.

During the entrepreneurial start-up process, entrepreneurs can create value to benefit the ____

A____________ is a business that may be operating under a new name.

_____________is the quantity of goods or services that consumer are willing and able to buy.

A/An________________is a business that has stopped operating with a loss to creditors.

______is the study of how people choose to allocate scarce resources to fulfill unlimited wants

The nature and degree of competition among businesses operating in the same industry

____________is the point at which consumers buy all of a product that is supplied.

The entrepreneur is the driving force of the_________________process.

_____is money left after all expenses of running a business have been deducted from the income.

How businesses learn what consumers want and consumers find out what businesses have to offer?

In a free enterprise system, the price of a product is determined in the_____________.

________occurs when demand exceeds supply.

In a/an__________, people have an important right to make economic choices.

When one seller has control over supply and can exert nearly total control over prices

A/An_______is an individual who undertakes the creation,organization, & ownership of a business

A__________is a basic requirement for survival.