12 Questions
What does entrepreneurship refer to?
Combining available resources to create goods or services for profit
According to Richard Cantillon, how did he define an entrepreneur?
An individual who buys resources at a certain price to create new products
What is the primary role of an entrepreneur?
Being willing to bear the risk of new business ventures for potential profits
Who introduced the term 'entrepreneur' and is considered the father of the theory of entrepreneurship?
A 19th-century economist Richard Cantillon
What did Alfred Marshall recognize about entrepreneurship?
He acknowledged its importance for production
Which group of people are referred to as 'Customers' in the context?
Individuals who buy the product
What are the four factors of production according to martial's treaties?
Land, labor, capital, and organization
In terms of employment size, how many workers do Micro enterprises typically have?
5 or less workers
What is the primary reason small businesses focus on niche markets?
To cater to the special needs of individuals
What is a characteristic of small businesses in terms of overhead costs?
They can have limited rent and rates
In terms of capitalization, what range does a Medium Enterprise fall into?
Above ₱15 to ₱60 million
What distinguishes personal relationships in small businesses from larger corporations according to the text?
Face-to-face interaction for business transactions
This quiz covers the fundamental concepts of entrepreneurship, including the ability to utilize resources efficiently, generate goods or services, and earn profits. Learn about customers, consumers, economic growth, and the history of entrepreneurship.
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