Podcast
Questions and Answers
What does entrepreneurship refer to?
What does entrepreneurship refer to?
- Buying resources and keeping them for personal use
- Selling goods or services at a high price
- Combining available resources to create goods or services for profit (correct)
- Consuming products made by others
According to Richard Cantillon, how did he define an entrepreneur?
According to Richard Cantillon, how did he define an entrepreneur?
- An individual who buys resources at a certain price to create new products (correct)
- Someone who only buys products at a low price
- A person who consumes goods and services
- One who avoids taking risks in business ventures
What is the primary role of an entrepreneur?
What is the primary role of an entrepreneur?
- Being the main consumer of goods produced
- Selling products at uncertain prices
- Avoiding any risks associated with new business ventures
- Being willing to bear the risk of new business ventures for potential profits (correct)
Who introduced the term 'entrepreneur' and is considered the father of the theory of entrepreneurship?
Who introduced the term 'entrepreneur' and is considered the father of the theory of entrepreneurship?
What did Alfred Marshall recognize about entrepreneurship?
What did Alfred Marshall recognize about entrepreneurship?
Which group of people are referred to as 'Customers' in the context?
Which group of people are referred to as 'Customers' in the context?
What are the four factors of production according to martial's treaties?
What are the four factors of production according to martial's treaties?
In terms of employment size, how many workers do Micro enterprises typically have?
In terms of employment size, how many workers do Micro enterprises typically have?
What is the primary reason small businesses focus on niche markets?
What is the primary reason small businesses focus on niche markets?
What is a characteristic of small businesses in terms of overhead costs?
What is a characteristic of small businesses in terms of overhead costs?
In terms of capitalization, what range does a Medium Enterprise fall into?
In terms of capitalization, what range does a Medium Enterprise fall into?
What distinguishes personal relationships in small businesses from larger corporations according to the text?
What distinguishes personal relationships in small businesses from larger corporations according to the text?
