Intro
The capacity and motivation to deploy a business venture that involves risk in order to make a profit.
A. Entrepreneurship
B. Entrepreneur
C. Entrepreneurial Mindset
D. Entrepreneurial
A. Entrepreneurship
The greater the risk the greater the reward and vice-versa is known as______________.
A. Risks
B. Rewards
C. Risk/Reward Tradeoff
D. Start-up Tradeoff
C. Risk/Reward Tradeoff
The gap between limited resources and unlimited wants is known as ______________.
A. Demand
B. Scarcity
C. Supply
D. Surplus
B. Scarcity
The study of the economy with a large scope. Looking at regional, national and global units.
A. Macro-Economics
B. Micro-Economics
C. Economics
D. Supply and Demand
A. Macro-Economics
___________ is the value of all goods and services produced in a country in a specific period of time.
A. Market
B. Business Cycle
C. GDP
D. Economies of Scale
C. GDP
An individual who founds and runs a business assuming all of the risks and rewards of the venture.
A. Entrepreneurship
B. Entrepreneur
C. Entrepreneurial Mindset
D. Entrepreneurial
B. Entrepreneur
An organization that operates to aid in some social effort, they do not retain any profits from commerce.
A. Non-Profit
B. For-Profit
C. Profit
D. Venture Capital
A. Non-Profit
The quantity or how much the market can provide is known as ______________.
A. Demand
B. Scarcity
C. Supply
D. Surplus
C. Supply
The study of the economy with a narrow scope. Looking into individuals and firms.
A. Macro-Economics
B. Micro-Economics
C. Economics
D. Supply and Demand
B. Micro-Economics
The cost per unit will be reduced when the total output of the product is increased.
A. Market
B. Business Cycle
C. GDP
D. Economies of Scale
D. Economies of Scale
A state of mind in which one conducts themself to entrepreneurial activities.
A. Entrepreneurship
B. Entrepreneur
C. Entrepreneurial Mindset
D. Entrepreneurial
C. Entrepreneurial Mindset
Goods are _____________ products that have monetary value.
A. Tangible
B. In-tangible
C. Profit
D. Rewarding
A. Tangible
The amount of a product or service is desired by buyers is known as ______________.
A. Demand
B. Scarcity
C. Supply
D. Surplus
A. Demand
The study of production, distribution, and consumption of goods and services.
A. Macro-Economics
B. Micro-Economics
C. Economics
D. Supply and Demand
C. Economics
A geographic area where sellers offer their goods and services in exchange for consumer dollars.
A. Market
B. Business Cycle
C. GDP
D. Economies of Scale
A. Market
Entrepreneurs abandon steady paychecks. This is known as a _____________ that they accept.
A. Risk
B. Reward
C. Innovation
D. Start-up
A. Risk
A commercial operation or company that satisfies needs in order to make a profit is known as a___________.
A. Service
B. Good
C. Business
D. Innovation
C. Business
The amount of an asset or resource that exceeds the amount that is utilized.
A. Demand
B. Scarcity
C. Supply
D. Surplus
D. Surplus
The point at which supply meets demand is known as ___________.
A. Equilibrium Point
B. Point Equation
C. Relativity
D. Surplus
A. Equilibrium Point
A _________________ is a market situation where there are few producers who control the supply of a good or service.
A. Oligopoly
B. Monopoly
C. GDP
D. Competition
A. Oligopoly
Independence and enjoyment are potential _______________ from entrepreneurship.
A. Risks
B. Rewards
C. Innovations
D. Start-ups
B. Rewards
A newly emerged business that is striving to develop a viable business model around a new product or service is known as a ________________.
A. Start-up Venture
B. New-found Business
C. Boot-Strap
D. Emerging Market
A. Start-up Venture
All of the following are examples of macro-economic principles except:
A. National Income
B. Inflation
C. Unemployment
D. Price
D. Price
The change in consumer demand as a result of a change in a good or service’s price.
A. Equilibrium Point
B. Point Equation
C. Price Elasticity
D. Surplus
C. Price Elasticity
A _______________ is a market situation where there is only one producer who controls the supply of a good or service.
A. Oligopoly
B. Monopoly
C. GDP
D. Competition
B. Monopoly