Chapter 26 Entrepreneurship, Owning the Future

Which one of the factors of production is this?

• capital

• entrepreneur

• land

• labor

a person who starts a new business with the goal of making money

• enterprise

• chronometer

• entrepreneur

• colony

What is the factor of production called that is responsible for coordinating all other factors of production in order to make goods and services?

• Entrepreneur

• Land Resource

• Labor Resource

• Capital Resource

What is the primary role of an entrepreneur in a market economy?

• To provide labor

• To manage financial accounts

• To innovate and drive economic growth

• To regulate market prices

Which of the following is a characteristic of successful entrepreneurs?

• Risk aversion

• Inability to adapt

• Innovative thinking

• Dependence on others

What is a common challenge faced by entrepreneurs when starting a new business?

• Excessive government support

• Lack of competition

• Securing funding

• Too many employees

Which of the following best describes a 'startup'?

• A large, established corporation

• A new business venture

• A government agency

• A non-profit organization

What is the term for a business model that focuses on creating social impact rather than just profit?

• Monopoly

• Social enterprise

• Franchise

• Oligopoly

Which of the following is NOT a factor of production?

• Land

• Labor

• Capital

• Entrepreneurship

What is the main advantage of owning a franchise?

• Complete creative freedom

• Established brand recognition

• No initial investment required

• Unlimited liability