Economics and Entrepreneurship Exam Questions and Answers Latest Update Graded A+
6 views 0 purchase
Course
Economics and Entrepreneurship
Institution
Economics And Entrepreneurship
Economics and Entrepreneurship Exam Questions and Answers Latest Update Graded A+
Economics - Answers the study of how we make choices based on scarcity
Scarcity - Answers endless wants and needs but finite resources
Resource - Answers stock or supply of money, materials, staff, and other assets...
Economics and Entrepreneurship Exam Questions and Answers Latest Update Graded A+
Economics - Answers the study of how we make choices based on scarcity
Scarcity - Answers endless wants and needs but finite resources
Resource - Answers stock or supply of money, materials, staff, and other assets that can be drawn on by
a person or organization in order to function effectively.
Wants - Answers something that is an extra
Needs - Answers something you can't live without
Limited Resources - Answers the concept that quantities of labor, capital, land, materials, time, money,
energy are finite.
Good - Answers A physical items used to meet a want or need
Services - Answers an action or activity used to meet a want or need
Macroeconomics - Answers branch of economics concerned with the study of large scale economic
factors and the system as a whole.
Microeconomics - Answers branch of economics concerned with the study of individual households and
businesses
Shortage - Answers quantity demanded is greater than the quantity supplied at market prices
Sole Proprietorship - Answers an enterprise owned by one person
General partnership - Answers arrangement by which two or more individuals agree to share in all
assets, profits, and financial and legal liabilities of a jointly-owned business.
Limited partnership - Answers organization that limits the personal liability of some partners.
Limited liability - Answers allow for a partnership structure where each partner's liabilities are limited to
the amount they put into the business.
Capital - Answers the money it has available to pay for its day-to-day operations and to fund its future
growth
Franchise - Answers business whereby the owner licenses its operations—along with its products,
branding, and knowledge—in exchange for a franchise fee.
Royalties - Answers an amount paid by a third party to an owner of a product or patent for the use of
that product or patent.
Entrepreneur - Answers A person who undertakes the risk of starting a new business venture
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
