The art of taking financial risks in order to make a profit.

 An individual who founds and runs a business, assuming all the risks and rewards of the venture.

 A state of mind in which one conducts him/her self to entrepreneurial activities.

Entrepreneurs abandon steady paychecks. This is known as a _____________ that they accept. 

Independence and enjoyment are potential _______________ from entrepreneurship.

The greater the risk the greater the reward and vice-versa is known as______________. 

An organization that operates to aid in some social effort, they do not retain any profits from commerce.

 Goods are _____________ products that have monetary value. 

One can analyze an opportunity by all of the following except: 

A commercial operation or company that satisfies needs in order to make a profit is known as a___________.

 A newly emerged business that is striving to develop a viable business model around a new product or service is known as a ________________. 

A market need is a necessity that the market can live without. 

A service is a business that provides intangible products. 

80% of entrepreneurs work less than 40 hours per week. 

Money left after all costs of running a business are deducted from the total revenue is known as profit. 

Fewer businesses are being born now than 30 years ago. 

An observable and measurable end result that can be achieved in a specific timeframe

A goal that takes 5+ years to accomplish.

 A goal that takes less than one year to accomplish.

A goal that takes longer than one year but less than five years to accomplish.

Saving for a house would be considered a _______________. 

The desire to accomplish something, which involves hard work and determination, is known as ______. 

Money or assets can be invested in a business to generate income.

Money or assets can be invested in a business to generate income

Psychological classification of different types of individuals composed of different personal attributes.

One with strong ______________ will be able to prioritize and provide high-quality work.

The desire or willingness for someone to do something is known as______________. 

 An asset or item that is purchased for the goal of generating income is known as______________. 

Land, labor, and capital are used to undertake an enterprise and achieve an outcome.  

Employers seek candidates with strong work ethics. Your performance on the job and the manager's satisfaction will depend on it. A strong work ethic will take you places!

The S in SMART goals stands for Specific. 

The gap between limited resources and unlimited wants is known as ______________. 

The quantity or how much the market can provide is known as ______________. 

The amount of a product or service is desired by buyers is known as ______________. 

The amount of an asset or resource that exceeds the amount that is utilized. 

All the following are examples of macroeconomic principles, except: 

The study of the economy with a large scope. Looking at regional, national and global units.

 The study of the economy with a narrow scope. Looking into individuals and firms. 

The study of production, distribution, and consumption of goods and services.

The point at which supply meets demand is known as ___________.

 A geographic area where sellers offer their goods and services in exchange for consumer dollars. 

 ___________ is the value of all goods and services produced in a country in a specific period of time.

A _______________ is a market situation where there is only one producer who controls the supply of a good or service. 

15. A _________________ is a market situation where there are few producers who control the supply of a good or service. 

 Supply meets demand at the equilibrium point. 

. A market situation where there are a few competing firms is known as a monopoly. 

Analyzing supply and demand would be a micro-economic principle. 

When demand for a good or service exceeds the available supply this is known as a surplus. 

An idea that can generate income, requiring a commitment of resources and involves exposure to risk. 

is known as ______________. 

An advantage that is gained from the use or consumption of a good or service. 

A concept developed by the mind. 

A good idea may not be an opportunity due to bad timing.

Specific attributes that make something one of a kind are referred to as _____________. 

A business activity that yields a profit or financial gain is known as being ______________.

Any business on the internet that sells products, services, or advertising online is known as ___________. 

A company that conducts business within its national borders is known as a ______________. 

A business that has a physical location for consumers to purchase goods. 

A business that is conducted between businesses is known as ___________.

A seller of goods to consumers is a _____________.

The manufacturer’s direct point of contact to supply goods to wholesalers. 

A person or company that makes goods for sale.

A company that sells goods in large quantities at low prices to retailers. 

The seller of a franchise is called____________.

The right to make or market a good or service under a trademark name. 

An ongoing fee that a franchisee pays the franchisor. The fee is usually a percentage of gross sales. 

The buyer of a franchise. 

The process of gathering data about people or companies and then analyzing it to better understand what that group of people needs. 

A particular group of consumers at which a company aims its products and services. 

The study of a population based on age, race, gender, and education. 

Analysis of consumers based on benefits, usage rates, and buying patterns. 

Trying to create a manufacturing facility to start creating laundry detergent to compete with Tide and all would encompass high costs. The costs would be considered a ________________ barrier. 

 The process of dividing a market into smaller segments based on demographic, behavioral, psychographic, and geographical differences.

Analysis of consumers based on personality, values, attitudes, interests, and lifestyles. 

Analysis of consumers based on local, national, international, and regional characteristics. 

Data that describes certain distinctions based on some quality or characteristics. 

Data that contains information regarding quantities, that can be measured and interpreted with numbers.