Entrepreneurship Chapter 1 Vocab

Edit Answers
123456789101112131415161718192021222324252627282930
Across
  1. 8. Specifically designated areas of a community that provide tax benefits to new businesses locating there.
  2. 10. An economic system in which people have important rights to make economic choices.
  3. 14. Individual who undertakes the creation, organization, and ownership of a business
  4. 19. Total market value of goods and services produced by a workers and capital within a nation during a given period.
  5. 21. Study how of people choose to allocate scarce resources to fulfill their unlimited wants.
  6. 23. General patter of expansion and contraction that the economy goes through.
  7. 24. New business undertaking that involves risk
  8. 26. A business that disappears from the tax rolls because it may be operating under a new name or because the owner has purposely discontinued in order to start a new business
  9. 27. An idea that has commercial value
  10. 29. Business that has stopped operating with a loss to creditors
Down
  1. 1. Infrastructure of the business
  2. 2. Money that is left over after all the expenses of running a business have been deducted from the income.
  3. 3. Resources businesses use to produce the goods and services that people want.
  4. 4. Point at which consumers buy all of a product that is supplied
  5. 5. One seller who has control over the supply and can exert nearly total control over prices.
  6. 6. Basic requirement for survival
  7. 7. Quantity of goods or services that consumers are willing and able to buy
  8. 9. Process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.
  9. 11. The capital, skilled labor, management expertise, legal and financial advice, facility, equipment, and customers needed to start a business.
  10. 12. Nature and degree of competition among business operating in the same industry.
  11. 13. When a change in price has little to effect on the demand
  12. 15. When a change in price creates a change in demand
  13. 16. Price alone does not determine demand
  14. 17. Acting like an entrepreneur or having an entrepreneurial mind set.
  15. 18. Tangible products
  16. 20. When demand exceeds supply
  17. 22. Few competing firms
  18. 25. Intangible products
  19. 28. Something that is not needed for survival, but would like to have.
  20. 30. Amount of a good or service that producers are willing to provide