BMGT Ch 3 Quiz Solved 100% Correct

Elasticity - ANSWER-_____ refers to the identification of new products or services that may lead to promising businesses. a. entrepreneurial alertness - ANSWER-Economist Israel Kirzner proposed that entrepreneurs have a unique capability, which he called _____, to recognize existing opportunities for businesses. a. entrepreneurial alertness. - ANSWER-Isabella listens whenever someone says "Someone ought to make a ...." She expects one of these ideas to develop into a profitable business. Isabella possesses market - ANSWER-Consuela noticed significant growth in the Hispanic population in her mid-size town. The local grocery carried mostly traditional American products. She knew her neighbors would want familiar foods, so she decided to open a food market catering to their preferences. Consuela's startup is based on a new _____ idea. a. prior work experience. - ANSWER-According to a study by the National Federation of Independent Business (NFIB), the most common source of new ideas for small business startups is benefit - ANSWER-Laura discovered to her amazement that the skin oil she sold seemed to repel mosquitos. She relabeled the product and began selling it as alternative to brands such as Cutter and Off. Laura's startup is based on a new _____ idea. c. A coin collector, who bought and sold coins for years to build a personal collection, decides to become a coin dealer. - ANSWER-Which of the following is an example of an idea for a new startup coming from a hobby? a.