Entrepreneurship: Midterm Review

The amount of a product or service is desired by buyers is known as ______________.

___________ is the value of all goods and services produced in a country in a specific period of time.

The desire to accomplish something, which involves hard work and determination is known as ______.

Goods are _____________ products that have monetary value.

A _________________ is a market situation where there are few producers who control the supply of a good or service.

An organization that operates to aid in some social effort, they do not retain any profits from commerce.

The point at which supply meets demand is known as ___________.

An individual who founds and runs a business assuming all of the risks and rewards of the venture.

The study of the economy with a narrow scope. Looking into individuals and firms.

The gap between limited resources and unlimited wants is known as ______________.

The greater the risk the greater the reward and vice-versa is known as______________.

An asset or item that is purchased for the goal of generating income is known as______________.

The quantity or how much the market can provide is known as ______________.

Psychological classification of different types of individuals composed of different personal attributes.

A goal that takes less than one year to accomplish.

Money or assets that can be invested in a business to generate income.

One can analyze an opportunity by all of the following except:

The change in consumer demand as a result of a change in a good or service’s price.

One with strong ______________ will be able to prioritize and provide high quality work.

A _______________ is a market situation where there is only one producer who controls the supply of a good or service.

The study of the economy with a large scope. Looking at regional, national and global units

Land, labor, and capital used to undertake an enterprise and achieve an outcome.

An observable and measurable end result that can be achieved in a specific timeframe

Independence and enjoyment are potential _______________ from entrepreneurship.

The art of taking financial risks in order to make a profit.

The amount of an asset or resource that exceeds the amount that is utilized.

A goal that take 5+ years to accomplish.

Entrepreneurs abandon steady paychecks. This is known as a _____________ that they accept.

A goal that takes longer than one year but less than 5 years to accomplish.

All of the following are examples of macro-economic principles except:

A geographic area where sellers offer their goods and services in exchange for consumer dollars.

Napoleon Hill’s principle on a group of individuals with different skills who work together toward a definite goal.

Saving for a house would be considered a _______________.

A newly emerged business that is striving to develop a viable business model around a new product or service is ______.

A commercial operation or company that satisfies needs in order to make a profit is known as a___________.

The study of production, distribution and consumption of goods and services.

The desire or willingness for someone to do something is known as______________.

The capacity and motivation to deploy a business venture that involves risk in order to make a profit.

A state of mind in which one conducts him/her self to entrepreneurial activities.

The cost per unit will be reduced when total output of the product is increased.