Chapter 21 Entrepreneurship

Question 1

natural resources

Answer 1

productive resources that come from nature, such as water or land

Question 2

capital goods

Answer 2

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

Question 3

loss

Answer 3

an amount of money lost by a business or organization

Question 4

human resources

Answer 4

the employers and employees who help produce goods and services

Question 5

visionary

Answer 5

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

Question 6

profit

Answer 6

the money left over after a business has paid all its expenses

Question 7

productive resources

Answer 7

a resource used to produce a good or service

Question 8

risk

Answer 8

the possibility or chance of loss, danger, or injury

Question 9

entrepreneur

Answer 9

a person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

Question 10

competition

Answer 10

a situation where multiple people or organizations try to outperform each other