Standard 1-Entrepreneurship

People who own, operate, and take risk of a business venture

• Aptitude

• Employee

• Entrepreneurs

• Entrepreneurship

_______________________ refers to the quantity of a product that producers are willing and able to produce at a given price.

• Demand

• Consumed

• Supply

• Free Enterprise

What is a disadvantage of entrepreneurship?

• Personal satisfaction
• Uncertain income
• Lower taxes
• Flexible schedule

The process of making changes to something that adds value to customers is …………..

• an innovation

• an idea

• an opportunity

• a creativity

Possibilities from existing conditions are

• ideas

• opportunities

• dreams

• goals

Demand is...

• The order things have to be done in

• A type of law passed by congress

• People's willingness and ability to purchase something

In a market economy, ______________ is a key element

• competition

• service

• low prices

• exporting

Which form of bankruptcy allows a person or business to discharge (get rid of) their debt?

• Chapter 7

• Chapter 13

• Chapter 11

• Huh?

A person who chooses to, and is free to, open a grocery store is participating in a

• command economy
• centrally-planned economy.
• free enterprise economy
• traditional economy

Which word matches the definition below:

To go somewhere or do something that is risky or unknown

• Venture

• Barrier

• Impressive

• Descend