Entrepreneurship Ch. 1 Review

What do you call the study of how nations allocate scare resources?

What is the process of recognizing an opportunity, testing it, & gathering resources to start?

A business that is operating under a new name or that has be discontinued to start a new one?

Revenues lost to lower prices can be made up through what?

The amount of goods or services that consumers are willing and able to buy

What has resulted in new resources, markets, and ideas?

The amount of a good or service that producers are willing to provide is called what?

When people have the right to make economic choices, they live in what?

The chances of a new business succeeding are good with what?

What are specially designated areas of a community that provide tax benefits to new businesses?

If a change in price has little or no effect on the quantity demanded, we say demand is what?

What is money left over after all the expenses of a business have been deducted from income?

A business that files Chapter 7 bankruptcy and loses money for creditors and investors is what?

What is an idea that has commercial value?

A new business' ability to start and grow is affected by which of these variables?

What do you call a business undertaking involving risk?

What is an individual who undertakes the creation, organization, & ownership of a business?

An idea plus what equals an opportunity?

A key element in a market economy between similar businesses is what?

What is the point at which consumers buy all of a product that is supplied?