ESHP Final Review

An individual who recognizes an opportunity is a(n)

• Business person

• Entrepreneur

• Marketer

• Producer

In this type of economic system, the customer chooses what products to buy, and if they want to start a business.

• Free enterprise system

• Command system

• Pure market system

• Mixed market system

_________ provides choices, improves product quality, & encourages efficiency.

• Competition

• Surplus

• Shortage

• Elasticity

Land, labor, capital, & entrepreneurship are considered to be:

• Factors of production

• Resources of manufacturing

• Materials of operations

• Segments of markets

Prices tend to stabilize when ____________

• Supply = demand

• Demand > Supply

• Supply > Demand

Temporary economic decline is known as a:

• Recovery

• Recession

• Expansion

• Decline

Being your own boss, creativity, & setting your own schedule are:

• Rewards of entrepreneurship

• Risks of entrepreneurship

• Benefits of entrepreneurship

• Improvements of entrepreneurship

T/F: Entrepreneurs typically uncertain income.

• True

• False

Starbucks working closely with Barnes & Noble is an example of a:

• Strategic alliance

• Corporate venture

• Joint corporation

• Competitive alliance

T/F: Entrepreneurs shouldn't consult outside sources when conducting research & development.

• True

• False