Entrep and Economy

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ENTREPRENEURSHIP

Difference between Entrepreneurs and Employees;

Risk and Rewards of being an Entrepreneur;

Types of Risks faced by Entrepreneurs

Multiple Choice

What is the primary focus of entrepreneurship?

• Managing existing businesses

• Creating something new with value

• Following established business models

• Working independently without investment

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ENTREPRENEURSHIP

the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence

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ENTREPRENEURSHIP

the capacity for innovation, investment and expansion in new markets, products and
techniques

Multiple Choice

What is an entrepreneur?

• A person who manages a large company.

• A creative individual who starts and runs a business.

• Someone who invests in businesses but doesn't manage them.

• A worker who follows strict guidelines in a job.

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ENTREPRENEUR

• a person who starts and/or operates a business
• creative and innovative
• a person who starts something new
• owner-manager and willing to take risks
• usually someone not willing to work for others

Multiple Choice

What is a business?

• A place where people volunteer.

• A group of friends meeting for coffee.

• A location for public events and gatherings.

• An organization that provides products or services to make money.

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BUSINESS

• an organization that provides products or services, usually to
make money

Multiple Choice

What is the difference between an employee and an entrepreneur?

• An employee works for someone else, while an entrepreneur creates and runs their own business.

• An employee owns a business, while an entrepreneur works for others.

• An employee is always part-time, while an entrepreneur is always full-time.

• An employee only works in retail, while an entrepreneur can work in any field.

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EMPLOYEES and
ENTREPRENEURS

Employee - a person who works in a business owned by someone else

Entrepreneur - someone who creates and runs a business

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Why Be an Entrepreneur?

Multiple Choice

What is one reward of being an entrepreneur?

• Potential business failure

• Making your own rules

• Financial insecurity

• Long hours and hard work

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REWARDS
of being an Entrepreneur:

(1) Making Your Own Rules
(2) Doing Work You Enjoy
(3) Creating Greater Wealth
(4) Helping Your Community

Multiple Choice

Which of the following is a risk associated with being an entrepreneur?

• Doing work you enjoy

• Helping your community

• Unexpected obstacles

• Creating greater wealth

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RISKS
of being an Entrepreneur:

(1) Potential Business Failure
(2) Unexpected Obstacles
(3) Financial Insecurity
(4) Long Hours and Hard Work

Multiple Choice

What is a benefit of entrepreneurship that contributes to personal satisfaction?

• Financial insecurity

• Creating greater wealth

• Potential business failure

• Long hours and hard work

Importance

in the Economy

of Entrepreneurship

The

Multiple Choice

Why are entrepreneurs considered vital for a country's economic development?

• They create art and music.

• They only focus on personal wealth.

• They work alone without any help.

• They provide employment and income.

Multiple Choice

What is one way that entrepreneurs contribute to government revenue?

• By donating to charities.

• By paying taxes on their businesses.

• By avoiding financial risks.

• By working in government jobs.

Multiple Choice

What happens in the "vicious cycle of development"?

• Entrepreneurs close their businesses, leading to job loss.

• More entrepreneurs start businesses without any investment.

• The government provides services without tax revenue.

• Employees work fewer hours for more pay.

Multiple Choice

How do entrepreneurs act as mobilizers of capital?

• They only use government funds for their ventures.

• They often use their own savings or borrow from banks.

• They invest in stocks and bonds instead of businesses.

• They rely solely on donations from friends and family.

Multiple Choice

What role do entrepreneurs play as employers?

• They only work part-time jobs themselves.

• They do not hire anyone at all.

• They hire people to assist in their business operations.

• They only hire family members for their businesses.

VICIOUS CYCLE OF DEVELOPMENT

Roles of Entrepreneurs in the Economy

Mobilizers

of Capital

01

Entrepreneurs sometimes use their own savings as capital for their
business ventures. However, if they do not have the capital, money

can be borrowed from banks to finance their intended business.

Service
Providers

02

Business ventures of entrepreneurs could be along the line of

service like parlors, spas, or coffee shops.

Employers

03

Entrepreneurs hire people to help them in their business.

Tax

Payers

04

Business establishments pay taxes to the government. Thus, more
business would mean more taxes and better government services.

Suppliers

of

Products

05

Products and services are available through the efforts of the

entrepreneurs. Without them, a scarcity of certain products and

services will be felt.

What is an

Economic System?

Multiple Choice

What is the main focus of economics as a social science?

• The study of animals in their natural habitat.

• How people satisfy their demands for goods and services.

• The history of ancient civilizations.

• The physical structure of the earth.

Multiple Choice

What happens when there is a high demand for goods but a limited supply?

• Abundance of goods.

• Scarcity of goods.

• Decrease in prices.

• Increase in employment.

Multiple Choice

In a command economy, who controls the production and allocation of goods and services?

• Individual consumers.

• Private businesses.

• The government.

• Non-profit organizations.

Multiple Choice

What is one characteristic of a market economy?

• The government sets all prices.

• Suppliers and consumers control production and prices.

• There is no opportunity for entrepreneurship.

• Everyone must buy the same products.

Multiple Choice

What term describes the quantity of goods and services a business is willing to sell at a specific price?

• Demand

• Supply

• Capital

• Scarcity

ECONOMICS

a social science concerned with how people satisfy
their demands for goods (things you can buy) and

services (things people do for a fee) when the supply

of those goods and services is limited.

ECONOMIC SYSTEM (ECONOMY)

a method used by a

society to allocate goods
and services among its
people and to cope with

scarcity

THINK ABOUT THIS!

Types of Economic Systems

use to compare how societies

deal with the fundamental

questions of economics

The COMMAND

Economy

01

the government owns or manages the nation’s

resources and businesses

The MARKET

Economy

02

suppliers produce whatever goods and services they wish
and set prices based on what consumers are willing to pay

Prices are responsive to consumer demand

SUPPLY AND DEMAND

SUPPLY is the
quantity of goods
and services a
business is willing
to sell at a specific
price and a
specific time.

DEMAND is the

quantity of goods

and services

consumers are

willing to buy at a

specific price and a

specific time.