Entrepreneurship Textbook- Unit 1, Chapter 1 Test Part 1- Terms and concepts

Some studies report that _____ percent of new business survive the first 2 years (before the Covid Pandemic).

The resources businesses use to produce goods and services people want are called__________.

____________is how people choose to allocate scarce resources to fulfill their unlimited wants.

________ occurs when demand exceeds supply

A ____________ is a business that may be operating under a new name

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

A__________is a basic requirement for survival.

A/An___________ is a new business undertaking that involves risk.

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

________ competition market structure = buyers and sellers, no buyer or seller can affect price

___________is money left after expenses of running a business have been deducted from income.

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

__________ is total value of goods, services by workers: capital in a country during a period

The entrepreneur is the driving force of the_________________process

A/An_____________ undertakes the creation, organization, and ownership of a business.