This is the difference between goods and services.
What is goods are tangible (physical) while services are intangible (nonphysical)
100
This is the meaning of self-demanding
What is someone who demands/expects a lot from themselves
100
This is 1 advantage and 1 disadvantage to entering a family business
What is Trust among family; keeps family close
Might be hard to look at decisions objectively; what if there are disagreements?; can be hard to separate family & business
100
Buying or bringing in goods from other countries to sell
What is importing
100
The money, tools, resources, equipment, etc. that are needed to help create a business
What is capital
200
Also called Capitalism, this system allows to choose:
What products to buy
To own private property
Start a business and compete with other businesses
What is a free enterprise system
200
This is a reason communication is an important skill for entrepreneurs.
What is business owners need to communicate with customers, with employees, with suppliers, other business owners, etc.
200
This is an example of a service business
What is *answers may vary*
200
A restriction on goods entering or leaving a country
What is a trade barrier
200
Specifically designated areas of a community that provide tax benefits to new businesses locating there
What are enterprise zones
300
The study of how people choose to allocate scarce resources to fulfill their unlimited wants.
What is economics
300
If I don't have all of the entrepreneurial skills I would need to be an entrepreneur, these are 2 things I can do to learn.
What is Read; watch videos; talk to other business owners; take a class
300
A business trend in which entrepreneurs start their business to better society or to solve a societal problem
What is social entrepreneurship
300
One difference between doing business at home and doing business globally.
What is Different political/economic/legal systems; more difficult to manage; different government restrictions
300
This factor of production includes all natural resources, such as electricity, gas, or oil, to get a business started
What is land
400
These are 3 examples of start-up resources
What is capital, skilled labor, management expertise, legal & financial advice, facility, equipment, & customers needed to start a business
400
This is the founder of Amazon.
Who is Jeff Bezos.
400
There are several ways to get ideas for new products or services. This is one.
What is your own interests or hobbies; talking to others; looking at current trends
400
One thing to consider before going global.
What is Do you have solutions?
Do you have a new idea?
Is there a market for the product or service?
How good are you at handling risk and frustration?
Do you have any good contacts in other countries?
400
This is one reason entrepreneurs are important to society.
What is Turn demand into supply
Provide capital
Provide jobs
Change society
Create even more wants to be satisfied; catalyst for economic progress
500
A change in price has little effect on demand
*Daily Double
What is inelastic demand
500
This is what it means to be inquisitive
What is asking a lot of questions, being curious and wanting to know things
500
Partnerships formed with other companies
*Daily Double
What are strategic alliances
500
This company had a problem in Africa when they used using same packaging as in the USA only to later find out that in Africa companies routinely put pictures on the label of what is inside the package, since most people cannot read.
What is Gerber
500
This component of the entrepreneurial start-up process includes things such as the nature of the industry, the availability of resources, and incentives