Entrepreneurship Ch 1

The amount of goods or services that consumers are willing and able to buy is called

• price
• quantity
• demand
• scarcity

Revenues lost to lower prices can be made up through (think why Walmart can make profit)

• higher prices
• lower prices
• selling more goods and services
• selling less goods and services

The chances of a new business succeeding is most dependent on 

• effective planning and management
• tax breaks
• today's global economy
• today's job market

A new business's ability to start and grow is affected by which of these variables?

• favorable taxes, good markets, and supportive governmental policies
• incentives to create new businesses such as Enterprise Zones
• the nature of the venture and availability of resources
• all of these

The study of how nations allocate scarce resources to the production and distribution of products and services

• venture
• economics
• entrepreneurship
• business cycle

an idea that has commercial value

• venture
• profit
• opportunity
• equilibrium

an individual who undertakes the creation, organization, and ownership of a business

• entrepreneur
• equilibrium
• venturist
• economist

specially designated areas of the community that provide tax benefits to new businesses

• economies
• entrepreneur zones
• enterprise zone
• opportunity zones

the point at which consumers buy all of a product that is supplied

• profit
• equilibrium
• venture
• demand point

the point at which consumers buy all of a product that is supplied

• profit
• equilibrium
• venture
• demand point