Intro to Entrepreneurship Review

Many sellers, differentiated products

The advantage of buying in large quantities.

Regulated by the law of supply and demand

Which of the following terms does not relate to failure of a business

Who regulates the nations's economy by controlling the money supply?

Few competitors dominate a market

A market in which one seller has control over the supply of a product and has nearly complete control over its price

The study of how people allocate scarce resources to fulfill their unlimited wants

What forces companies to become more efficient to survive?

In economics and accounting, the term "marginal" means:

Which term does not relate to planning a venture?

A small business is defined as having

Which term does not fit with the others?

What percent of new business survive for 4 years?

Price alone does not determine demand

One buyer, many sellers

Great deal of consumer choice

Very little consumer choice

The advantage of offering a wide variety of products

Who regulates interest rates?

What percent of new business survive for 2 years?

Strong central authority

All the variables that affect the business but are not controlled by the entrepreneur.

An Idea that has commercial value

A business closes and reopens under a new name. Creditors are paid.

A market in which there are many sellers and buyers, ease of entry into the market, products are essentially the same