Final (Fill in the Blank) Flashcards
When people have the right to make economic choices they live in a _________
Free enterprise
A new movie video is released. Everyone rushes to buy it and a shortage develops. Stores order more and then have a surplus. The store reduces the price of the video and sells excess inventory. They have achieved __________
Equilibrium
An idea plus a ________ equals an opportunity
Market
The ___________ has resulted in new resources, markets, and ideas
Global market place
If a small change in the price of an item causes a significant change in the quantity demanded, we say that the demand for the item is ____________
Elastic
If a change in price has little or no effect on the quantity demanded, we say that the demand for the item is _______
Inelastic
A free enterprise system is also called _________ or a market economy
Capitalism
Many entrepreneurs were influenced in early life by a _________, a person who’s attitude and achievements the entrepreneurs try to emulate
Role model
Being the _____ is a benefit that most entrepreneurs out at the top of their lists
Boss
Research about entrepreneurs reveals a wide span of ages, ___________, and personal histories
Educational backgrounds
Entrepreneurs are __________. They set goals, make decisions, and act on their decisions
Action oriented
Entrepreneurs use ________ skills to get along with others
Human relations
Entrepreneurs need ________ to coordinate and manage work teams
Leadership
The biggest risk of being in business for oneself is a possibility of losing one’s
Investment
An ________ sets out to be the best at whatever he or she does because an _________ is an achiever
Entrepreneur
One secret to finding a good business opportunity is the ability to understand ________, because changes in interest create profitable niches businesses to fill
Industry
One source for creative ideas for new businesses can come from _________
People watching
The greatest advantage of a family business is the ________ and togetherness that family members share
Trust
Many ______ can be turned into successful business adventures
Intrests
A ______ is a new business undertaking that involves risks
Venture
Starting a new business entails more _______ than opening a franchise
Timed effort
The entrepreneurial process involves taking the steps to recognize a ________ and create a business for profit
Opportunity
Instead of starting a new business you could enter a ______ or buy an existing business
Family business
An increased reliance on ________ is one of the main trends that affect business today
Technology
The ________ protects the entrepreneur against being sued personally for actions and debts of the corporation and is the most common corporate form
C-corporation
In a sole proprietorship, the owner is _____ for all the debts and actions of the business
Liable
The value of a ________ is divided into equal units called shares of stock
Corporation
A _______ is the sole proprietorship with more than one owner
Partnership
A _____ provides the pass through tax advantages of a partnership
LLC
The major threat that partnerships face is ______
Personality conflicts
The least regulated, easiest, and most inexpensive form of ownership to set up is a _______
Sole proprietorship
Many entrepreneurs are running nonprofit businesses that benefit their _________
Community
