Unit 1 & 2 Test Review

Someone who invents a product and is simply looking to create a new product that has never been made before is called an:

• inventor

• innovator

• agent of change

• scientist

This market structure includes a single producer and seller. There are no close substitutes available. An example of this is Canada Post (mail delivery) or Public Transportation (TTC).

This type of competition has competitors which sell products or services that are not interchangeable with each other but will have similarities. Competitors are able to satisfy the same need in a different way.

• Indirect Compeition

• Perfect Competition

• Direct Competition

• Oligopolistic Competition

How long does patents, granted by the government, last for?

• 10 years

• 7 years

• 15 years

• 20 years

Once registered (Industrial Design), how long does the designer have the rights to their design.

• 5 years

• 10 years

• 15 years

• 20 years

You only need to apply for a Patent once. Once approved, it will be applicable to every country worldwide.

• True

• False

Which of the following statements are true about trademarks.

• In Canada, they are valid for 10 years and are not eligible for renewal.

• In Canada, they are valid for 10 years and are eligible for renewal.

• In Canada, they are valid for 20 years and are not eligible for renewal.

• In Canada, they are valid for 10 years and are eligible for renewal.

The percentage of an industry, or a market's total sales, that is earned by a particular company is called. . .

• Market Percentage

• Unique Selling Proposition

• Market Share

• Market Size

What are some ways a company may remain competitive in the market. Name 2 ways and explain your reasoning.

To address an Entrepreneurial Opportunity, you will need to consider the following: (*Hint - there are the 3 things within the Entrepreneurial Circumstance)