Chapter 26 Entrepreneurship, Owning the Future

Which of the factors of production is this?

• capital

• entrepreneur

• land

• labor

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

Each society must determine how to best use its_______

• People

• Land

• Natural Resources

• All of the above

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

• Entrepreneurs

• Capital

• Labor

• Land

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

• capital

• entrepreneur

• land

• labor

What is the primary role of an entrepreneur in the economy?

• To manage resources efficiently

• To innovate and create new products or services

• To provide labor for production

• To regulate market prices

Which of the following is a characteristic of a successful entrepreneur?

• Risk aversion

• Dependence on others

• Innovative thinking

• Preference for routine tasks

What is a common challenge faced by entrepreneurs?

• Lack of creativity

• Excessive government support

• Access to capital

• Overabundance of skilled labor

Which of the following best describes 'venture capital'?

• Funds provided by government grants

• Investment from family and friends

• Equity financing from investors for startups

• Loans from traditional banks

What is the significance of a business plan for an entrepreneur?

• It guarantees business success

• It serves as a roadmap for business operations

• It eliminates all risks

• It is only needed for large corporations