BDI Ch. 1 Test Review

If something is in high supply but low demand, prices will drop.

Information about supply and demand is important to entrepreneurs.

A virtual business is:

Small businesses did not have access to larger data banks 30+ years ago.

Which best describes networking in business?

What is a market niche?

Intrapreneurship has a positive impact on a business.

What is a business incubator?

The expansion of businesses and markets based on worldwide interdependence describes:

NAFTA came into effect on July 1, 2020.

Another word for business startup or undertaking is

Which definition best describes the term multiplier effect?

Job loss does not impact other businesses.

An online business can be easier to start than a bricks and mortar business.

Which agreement replaced NAFTA?

CUSMA is known as USCMA in the United States.

Entrepreneurship can significantly impact a community.

Demographics refers to data about people.

There was a time when small businesses could not compete with larger organizations.

The member countries of CUSMA are Canada, U.S., and Mexico.

NAFTA was a trade agreement between Canada, Mexico and the U.S.

NAFTA stands for North American Fair Trade Arrangement.

Which of the following is not a characteristic of ventures?

The Ottawa Board of Trade is a non-profit and non-partisan organization.

Market share refers to

What best describes intrapreneurship?