Chapter 21: Entrepreneurship

Question 1

Capital Goods

Answer 1

The factories, machines, technology, tools, equipment, and any other man-made goods used to make any other goods and services.

Question 2

Competition

Answer 2

A situation where multiple people or organizations try to outperform each other.

Question 3

Entrepreneur

Answer 3

A person who takes risks to organize resources to produce a new or better good or service in hopes of gaining a profit.

Question 4

Human Resources

Answer 4

The employers and employees who help produce goods and services.

Question 5

Loss

Answer 5

An amount of money lost by a business or organization.

Question 6

Natural Resources

Answer 6

A naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want.

Question 7

Productive Resource

Answer 7

A resource used to produce a good or service.

Question 8

Profit

Answer 8

The money left over from a business has paid all its expenses.

Question 9

Risk

Answer 9

The possibility or chance of loss, danger, or injury.

Question 10

Visionary

Answer 10

A person who has an exceptional ability to plan or have ideas for the future.