SOCIAL ENTREPRENEURSHIP EXAM 1 RATED A+
What is social entrepreneurship? ️-creates social enterprises which is an organization that addresses
a social problem, innovatively, using business methods
What is social entrepreneurship? ️the application of business entrepreneur to the pursuit of...
SOCIAL ENTREPRENEURSHIP EXAM 1 RATED A+
What is social entrepreneurship? ✔️-creates social enterprises which is an organization that addresses
a social problem, innovatively, using business methods
What is social entrepreneurship? ✔️the application of business entrepreneur to the pursuit of a social
and environmental missions
What is social entrepreneurship? ✔️address the gaps associated with social problems that traditional
businesses, governments, and nonprofits have not or cannot address
What are the three sectors that social entrepreneurs embody ✔️-Private sector- for profit businesses
-Public sector-government organizations
-Third sector/ Voluntary sector- nonprofits
Why become a social entrepreneur? ✔️-There are so many social problems that continue in society and
governments haven't been able to solve them
Types of social problems? ✔️-homelessness, hunger, illiteracy, lack of access to clean water,
environmental destruction/ pollution, human trafficking
What is market failure? ✔️-occurs when the free market produces an inefficient allocation of
goods/services
What are the three examples/ reasons for market failure? ✔️-Market power- monopolies; use their
power to block mutually beneficial trades
-externalities- a cost or benefit from using a product/ service that affects a party who did not choose to
incur that cost or benefit. Example: pollution
-public goods- A good that individuals cannot be excluded from using and where use by one individual
does not reduce availability to others. Example: National defense, clean air.
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