Intro to Entrepreneurship Review

The study of how people allocate scarce resources to fulfill their unlimited wants

Strong central authority

A business closes and reopens under a new name. Creditors are paid.

Regulated by the law of supply and demand

A small business is defined as having

Many sellers, differentiated products

A market in which one seller has control over the supply of a product and has nearly complete control over its price

Which term does not relate to planning a venture?

What percent of new business survive for 2 years?

What forces companies to become more efficient to survive?

Price alone does not determine demand

An Idea that has commercial value

Great deal of consumer choice

What percent of new business survive for 4 years?

The advantage of buying in large quantities.

Few competitors dominate a market

All the variables that affect the business but are not controlled by the entrepreneur.

Which of the following terms does not relate to failure of a business

The advantage of offering a wide variety of products

One buyer, many sellers

In economics and accounting, the term "marginal" means:

Who regulates the nations's economy by controlling the money supply?

A market in which there are many sellers and buyers, ease of entry into the market, products are essentially the same

Very little consumer choice

Which term does not fit with the others?

Who regulates interest rates?