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9 Cards in this Set
- Front
- Back
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What is the first step for an entrepreneur?
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With idea for a new product, a new way of producing something, or a better way of providing a servicing a service.
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What major risk dose an entrepreneur face?
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If the business fails, he or she could lose all the money invested in it.
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What drives people to start a business in a capitalist?
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Economy the hope of making a profit.
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What is the fourth factor of production?
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Economists consider entrepreneurship to be a fourth factor of production in addition to land, labor and capital.
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What are the three basic types of business owuership in the us?
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The sole proprietorship, the partnership, and the corporation.
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List one advantage and one disadvantage of a sole proprietorship?
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The profit belongs to the owner alone but the owner bears responsibility for all the business debts.
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List on advantage and one disadvantage of a partnership?
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Similar to those a sole proprietorship what bad is more then one person share every thing.
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List on advantage and one disadvantage of a corporation.
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Raise a lot of money is an advantage but it is more difficult.
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Why have large corporations grown in importance?
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They can produce goods and provide service more efficiently than can smaller firms.
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