Entrepreneurship, Chapter 1 Review

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

• Venture

• Enterprise zones

• Equilibrium

• Economics

An idea that has commercial value

• Entrepreneur

• Opportunity

• Profit

• Economics

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

• opportunity

• entrepreneur

• venture

• elastic

specially designated areas of a community that provide tax benefits to new business.

• venture

• market

• capitalism

• enterprise zones

money left over after all the expenses of running a business have been deducted from the income.

• elastic

• profit

• equilibrium

• capitalism

the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.

• want

• need

• demand

• entrepreneurship

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

• equilibrium

• discontinuance

• market structure

• services

a business undertaking involving risk

• epiphany

• economics

• adventure

• venture

A business that files Chapter 7 bankruptcy and loses money for creditors and investors is considered a

• new venture

• service business

• business failure

• discontinuance

A key element in a market economy between similar businesses is

• competition

• low prices

• service

• exporting