Unit 1: Entrepreneurship
2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Review
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Entrepreneur an individual who undertakes the creations, organization and ownership of a
business
Venture a new business under taking that involves risk
Entrepreneurship The process of recognizing an opportunity, testing it in the market and gathering
resources necessary to go into business
Entrepreneurial Acting like an entrepreneur or having an entrepreneurial mind-set
Economics The study of how people allocate scare resources to fulfill their unlimited wants
Free Enterprise System An economic system in which people have important rights to make economic
choices of what products to buy, to own private property and to choose to start a
business and compete with other businesses
Profit Money that is left over after all expenses of running a business have been deducted
from the income
Market Structure The nature and degree of competition among businesses operating in the same
industry; market structure affects market price
Goods Tangible (or physical) products of our economic system that satisfy consumers'
wants and needs
Services Intangible (nonphysical) products that satisfy consumers' wants and needs
Need A basic requirement for survival
Want Something that you do not have to have for survival, but would like to have
2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Review
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Entrepreneur an individual who undertakes the creations, organization and ownership of a
business
Venture a new business under taking that involves risk
Entrepreneurship The process of recognizing an opportunity, testing it in the market and gathering
resources necessary to go into business
Entrepreneurial Acting like an entrepreneur or having an entrepreneurial mind-set
Economics The study of how people allocate scare resources to fulfill their unlimited wants
Free Enterprise System An economic system in which people have important rights to make economic
choices of what products to buy, to own private property and to choose to start a
business and compete with other businesses
Profit Money that is left over after all expenses of running a business have been deducted
from the income
Market Structure The nature and degree of competition among businesses operating in the same
industry; market structure affects market price
Goods Tangible (or physical) products of our economic system that satisfy consumers'
wants and needs
Services Intangible (nonphysical) products that satisfy consumers' wants and needs
Need A basic requirement for survival
Want Something that you do not have to have for survival, but would like to have
