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

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

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

All of the following are examples of macro-economic 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 __________.

The change in consumer demand as a result of a change in a good or service’s price.

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

The cost per unit will be reduced when the total output of the product is increased.

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

The Business cycle consists of recession, recovery, growth, and decline.

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

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

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

Supply meets demand at the equilibrium point.

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 5 years to accomplish.

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

Money or assets that 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_____________.

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

Author, Napoleon Hill’s principle on a group of individuals with different skills who work together toward a definite purpose or goal.

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 capacity and motivation to deploy a business venture that involves risk in order to make a profit.

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

An individual who founds and runs a business assuming all of 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 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.

Less businesses are being born now than 30 years ago.

The process of starting and operating your own business.

The study of individual markets and the behavior of consumers and firms.

Entrepreneurs often seek to innovate and create new products or services. This is known as ____________.

When the supply of a good or service exceeds the demand, this is known as a deficit.

The total market value of all final goods and services produced within a country in a given period is known as __________.

A goal that takes more than 5 years to accomplish is known as __________.

A goal that takes less than one year to accomplish.

All of the following are examples of micro-economic principles except:

The willingness to take risks in order to achieve a goal is known as ______.