Entrepreneurship Chapter 1 Review

A(n) ____ is an individual who undertakes the creation, organization, and ownership of a business

_____ is money left after all expenses of running a business have been deducted from the income

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

a market structure in which there are numerous buyers and sellers, and no single buyer can affect price

A(n) _____ is a new business undertaking that involves risk.

The entrepreneur is the driving force of the ___ process.

In a(n) _____, people have an important right to make economic choices.

___ occurs when demand exceeds supply.

the total market value of goods and services produced by workers and capital within a country during a given period

Studies by the Small Business Administration report that _____ percent of new businesses survive the first two years

The resources businesses use to produce goods/services people want are called __

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

____ is the study of how people choose to allocate scarce resources to fulfill their unlimited wants.

A ___ is a basic requirement for survival.

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