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Understanding Entrepreneurship Basics

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Questions and Answers

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?

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?

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?

A 19th-century economist Richard Cantillon Signup and view all the answers

What did Alfred Marshall recognize about entrepreneurship?

He acknowledged its importance for production Signup and view all the answers

Which group of people are referred to as 'Customers' in the context?

Individuals who buy the product Signup and view all the answers

What are the four factors of production according to martial's treaties?

Land, labor, capital, and organization Signup and view all the answers

In terms of employment size, how many workers do Micro enterprises typically have?

5 or less workers Signup and view all the answers

What is the primary reason small businesses focus on niche markets?

To cater to the special needs of individuals Signup and view all the answers

What is a characteristic of small businesses in terms of overhead costs?

They can have limited rent and rates Signup and view all the answers

In terms of capitalization, what range does a Medium Enterprise fall into?

Above ₱15 to ₱60 million Signup and view all the answers

What distinguishes personal relationships in small businesses from larger corporations according to the text?

Face-to-face interaction for business transactions Signup and view all the answers