Be prepared to discuss the concept related to each of the items listed below:
What Is Entrepreneurship?
01. An individual who undertakes the creation, organization, and ownership of a business.
02. A new business undertaking that involves risk.
03. The study of how people choose to allocate scarce resources.
04. In a/an__________, people have an important right to make economic choices.
05. Money left after all expenses of running a business have been deducted.
06. ________ competition is a market structure in which there are numerous buyers and
sellers, and no single buyer or seller can affect price.
07. A basic requirement for survival.
08. The resources businesses use to produce the goods and services
09. In a free enterprise system, the price of a product is determined in the _______.
10. The total value of items produced by workers within a country during a given period
11. What is one of the basic requirements of being an entrepreneur?
12. What is the most important thing to do before building a business?
13. What is startup capital?
14. When should you start saving for your startup capital?
15. What is Income?
16. What is the most common way for people to earn income?
17. When is a budget balanced?
18. What do we call expenses that you can’t do without?
19. What do we call expenses that change month to month based upon use?
20. What term can be used to describe the chance of losing something?
21. What is the primary risk faced by entrepreneurs who are starting a business?
22. In business, what term do we use to describe any item that has value?
23. Why do entrepreneurs invest assets into their business?
Begin Chapter 2:
- Identify the rewards and risks of going into business for yourself.
- set schedule / long hours
- total control / total responsibility
- unlimited profit / potential loss
- satisfaction / stress
- competition can be difficult
- investment can be lost
- must acquire capital
