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Questions and Answers
Which of the following best defines an entrepreneur?
Which of the following best defines an entrepreneur?
- Someone who assumes the risks of a business
- Someone who combines resources
- Someone who manages a business
- Someone who organizes and manages a business while assuming its risks (correct)
Entrepreneurship is the process of
Entrepreneurship is the process of
- Assuming the risks of a business
- Discovering new ways of combining resources (correct)
- Managing and organizing a business
- Generating profit from resources
What determines an entrepreneur's costs of production?
What determines an entrepreneur's costs of production?
- The competition in the resource markets
- The market value of the resources used
- The demand for the entrepreneur's product
- The prices required to bid resources away from alternative uses (correct)
How does an entrepreneur earn a profit?
How does an entrepreneur earn a profit?
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In competitive resource markets, an entrepreneur's costs of production are determined by
In competitive resource markets, an entrepreneur's costs of production are determined by
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Study Notes
Defining an Entrepreneur
- An entrepreneur is best defined as someone who undertakes the process of entrepreneurship.
Determining Costs of Production
- An entrepreneur's costs of production are determined by the overall process of entrepreneurship.
- In competitive resource markets, an entrepreneur's costs of production are determined by the market forces.
Earning a Profit
- An entrepreneur earns a profit by successfully undertaking the process of entrepreneurship.
- Profit is a key motivation for entrepreneurs to take risks and innovate.
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Description
Test your knowledge on entrepreneurship with this quiz! Learn about the role of entrepreneurs, the process of combining resources, and the risks involved in starting a business. Challenge yourself and see how much you know about this dynamic field of innovation and change.
