Economic concepts
The reality that people’s wants always exceed the resources available to fulfill those wants is: consumption, economics, inflation, scarcity
scarcity
A momentary state or condition where the quantity of a product supplied equals the quantity demanded for the same product is known as which of the following?
equilibrium
Desires for goods, services or other items that can only be acquired by spending money are: economic wants, economic needs, economic goods, economic services
economic wants
A Business Plan might also be called a
roadmap and/or pitch deck
The introduction of something new – a new idea, product, method, device, or service, is called:
innovation
Desires that do not require money to be obtained are?
noneconomic wants
Which of the following occurs when the quantity demanded exceeds the quantity supplied? Surplus, shortage, elasticity, equilibrium
Shortage
A tangible item that has utility, is scarce, and is transferable is an
economic good
This stage of the entrepreneurial process is where you determine if your idea fills a void or gap in the marketplace, whether it meets a want or need:
Discovery
A small business is generally defined as a company with fewer than:
500 employees
Choosing between two things that cannot be had or done at the same time, which may require a compromise is a/an:
trade-off
The economic theory that explains the interaction between the buyers and sellers of an item is known as which of the following?
The law of supply and demand
Items that people do not plan on wanting or needing are
unsought products
This stage of the entrepreneurial process is where you evaluate if the company is a success or a failure:
harvesting
The difference between small business and entrepreneurship has nearly nothing to do with size, and nearly everything to do with:
characteristics
The 3 basic questions societies need to answer
what should be produced?
for whom are the items produced?
how should the items be produced?
A popular band sells a small, limited number of signed records. The owners of these records can then turn around and sell them for ten times the original price if they wanted to because very few records exist. This is an example of which of the following?monopoly, sellers market, buyers market, capitalism
sellers market
Products that tend to be unique and that consumers will spend a lot of time looking for are:
specialty products
The 4th stage in the entrepreneurial process is:
run the business
What is considered the “instrument” of entrepreneurship?
innovation
The 5 types of economic utility are task, position, and which other 3? cost, form, place, use, time
cost, form, time
The United States economic system is largely based on which system?
capitalism
which 2 terms complete the 4 product classifications: shopping, specialty, ________, ________.
Service, Convenience, Unsought, Material, Supply.
Convenience & unsought
What three things need to be analyzed during the Discovery stage of the entrepreneurial process to determine if an idea can become an opportunity?
market, margin, mission
The primary differences between small business and entrepreneurship are in the areas of growth, __________, vision, and ___________.
Innovation and risk-taking, Mission and manufacturing, Vocation and marketing, Hobbies & talent
innovation & risk taking