What is Entrepreneurship? CH:1

Process of being an entrepreneur are the entrepreneur, the opportunity, startup resources and

Market structure refers to

When individuals take risks to develop new products and start new businesses to make a profit.

The Free Enterprise System is also called

Any human made resource that is used to produce other goods and services.

Actions that can satisfy people's wants or needs.

Previously manufactured goods used to make other goods and services.

An arrangement that allows buyers and sellers to exchange things.

Which of the following best describes wants?

Into what four categories do economist divide factors of production?

Having limited quantities of resources to meet unlimited wants is

Scarcity occurs when

Which is not considered a need?

Natural resources and surface land and water.

Tangible objects that can satisfy people's wants or needs.

Resources of land, labor, capital, and entrepreneurship used to produce goods and services.