Intro to Entrepreneurship Review

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 fit with the others?

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

What percent of new business survive for 2 years?

What percent of new business survive for 4 years?

One buyer, many sellers

Strong central authority

The advantage of buying in large quantities.

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

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

Price alone does not determine demand

Many sellers, differentiated products

Who regulates interest rates?

Very little consumer choice

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

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

What forces companies to become more efficient to survive?

Great deal of consumer choice

The advantage of offering a wide variety of products

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

Few competitors dominate a market

A small business is defined as having

Which term does not relate to planning a venture?

An Idea that has commercial value

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

Regulated by the law of supply and demand