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Flashcards in Final (Fill in the Blank) Deck (32):
1

When people have the right to make economic choices they live in a _________

Free enterprise

2

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

3

An idea plus a ________ equals an opportunity

Market

4

The ___________ has resulted in new resources, markets, and ideas

Global market place

5

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

6

If a change in price has little or no effect on the quantity demanded, we say that the demand for the item is _______

Inelastic

7

A free enterprise system is also called _________ or a market economy

Capitalism

8

Many entrepreneurs were influenced in early life by a _________, a person who's attitude and achievements the entrepreneurs try to emulate

Role model

9

Being the _____ is a benefit that most entrepreneurs out at the top of their lists

Boss

10

Research about entrepreneurs reveals a wide span of ages, ___________, and personal histories

Educational backgrounds

11

Entrepreneurs are __________. They set goals, make decisions, and act on their decisions

Action oriented

12

Entrepreneurs use ________ skills to get along with others

Human relations

13

Entrepreneurs need ________ to coordinate and manage work teams

Leadership

14

The biggest risk of being in business for oneself is a possibility of losing one's

Investment

15

An ________ sets out to be the best at whatever he or she does because an _________ is an achiever

Entrepreneur

16

One secret to finding a good business opportunity is the ability to understand ________, because changes in interest create profitable niches businesses to fill

Industry

17

One source for creative ideas for new businesses can come from _________

People watching

18

The greatest advantage of a family business is the ________ and togetherness that family members share

Trust

19

Many ______ can be turned into successful business adventures

Intrests

20

A ______ is a new business undertaking that involves risks

Venture

21

Starting a new business entails more _______ than opening a franchise

Timed effort

22

The entrepreneurial process involves taking the steps to recognize a ________ and create a business for profit

Opportunity

23

Instead of starting a new business you could enter a ______ or buy an existing business

Family business

24

An increased reliance on ________ is one of the main trends that affect business today

Technology

25

The ________ protects the entrepreneur against being sued personally for actions and debts of the corporation and is the most common corporate form

C-corporation

26

In a sole proprietorship, the owner is _____ for all the debts and actions of the business

Liable

27

The value of a ________ is divided into equal units called shares of stock

Corporation

28

A _______ is the sole proprietorship with more than one owner

Partnership

29

A _____ provides the pass through tax advantages of a partnership

LLC

30

The major threat that partnerships face is ______

Personality conflicts

31

The least regulated, easiest, and most inexpensive form of ownership to set up is a _______

Sole proprietorship

32

Many entrepreneurs are running nonprofit businesses that benefit their _________

Community