stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Chapter 1 - What is Entrepreneurship? Flashcards | StudBud
Explore
/
Duplicate of Chapter 1 - What is Entrepreneurship?
Duplicate of Chapter 1 - What is Entrepreneurship?
25 terms
·
StudBud Administration
·
24 plays
Review game for Chapter 1 - What is Entrepreneurship
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
Factors of Production include all but
Opportunity
Entrepreneurship
Labor
Capital
2
Revenues lost to lower prices can be made through
higher prices
lower prices
higher volume
lower volume
3
A change in price has little or no effecg on demand, this is
Surplus
Elastic Demand
Shortage
Inelastic Demand
4
A key element in a market economy between similar businesses is
service
competition
exporting
low prices
5
A new business's ability to start and grow is affected by which of these variables?
the name of the venture and availability or resources
all of the above
incentives to create new businesses
favorable taxes, good markets, and supportive govt. policies
6
The study of how nations allocate scare resources to the production & distribution of products
equilibrium
enterprise zone
entrepreneurial
economics
7
A change in the price of an item causes a significant change in the demand, this is
Elastic Demand
Inelastic Demand
Surplus
Shortage
8
A business undertaking involving risk
Venture
Opportunity
Discontinuance
Equilibrium
9
A new business undertaking that involves risk
idea
entrepreneurial
opportunity
venture
10
An idea plus ___________________ equals an opportunity
None of the Above
Money
Market
People
11
An idea that has commerical value
supply
profit
economics
opportunity
12
Money left over after all the expenses of running a business have been deducted from the income
Salary
Profit
Taxes
Debt
13
A free enterprise system is also called a market economy or this
Economics
Capitalism
Opportunity
Venture
14
A business that files Chapter 7 bankruptcy and loses money for creditors & investors is
business failure
service business
new venture
discontinuance
15
An individual who undertakes the creation, organization, and ownership of a business
Entrepreneurship
None of the Above
Entrepreneurial
Entrepreneur
16
The point at which all of a product supplied has been purchased
Equilibrium
GDP
Elastic
Inelastic
17
The _____________________ has resulted in new resources, markets, and ideas
Continental Marketplace
Enterprise Zone
Global Marketplace
Discontinuance
18
The chances of a new business succeeding are good with
effective planning and management
tax breaks
today's global economy
today's job market
19
When people have the right to make economic choices, they live in a
Free Enterprise System
Communist Society
Enterprise Zones
Monopoly
20
Business operating under a new name or has been purposely discontinued to start a new one is
discontinuance
corporation
business failure
sole proprietorship
21
The point at which consumers buy all of a product that is supplied
Equilibrium
Surplus
Shortage
Scarcity
22
Process of recognizing an opportunity, testing it, and gathering resources to go into business
Entrepreneur
Entrepreneurial
Entrevue
Entrepreneurship
23
The amount of a good or service that producers are willing to provide is called
volume
services
inelastic
supply
24
The amount of goods or services that consumers are willing and able to buy is determined by
quantity
scarcity
price
demand
25
Specially designated areas of a community that provide tax benefits to new businesses
Entrepreneurial Zones
Enterprise Zones
Equilibrium Zones
Free Enterprise Zones
