Economics - Entrepreneurship

Which characteristic of a successful entrepreneur does Edison exhibit in this quote?

an ability to learn from mistakes and adapt to new knowledge

According to the article, Americans make up about _____ of the world's population, but about _____ of the world's "top 1%." This means that a majority of Americans are in the _____ of all earners in the world, which is defined as those earning more than $34,000 a year. The author states that this wealth is due to America's commitment to _____

5% ; 50% top 1% free enterprise

How does this information about the author influence your opinion about the reliability of this source? Discuss at least one other type of source or document that would help you analyze the benefits and drawbacks of free enterprise.

Brooks is the president of an organization founded to protect the American free enterprise system. As a result, he is likely biased toward free enterprise and will be more likely to argue in its favor without considering its drawbacks. Another source that would be helpful would be an article that describes the negative economic and social characteristics of free enterprise.

What evidence does the author use to argue against the claim that "free markets are driven by greed"?

Business owners are driven by personal success, not profits.

Which statement is supported by information in the graph?

Businesses in some industries have a greater chance of survival than in others.

Which of these assumptions can an entrepreneur safely make when planning a start-up? Check all that apply.

It is important to have a thorough knowledge of the product. Thorough planning and sound strategy do not guarantee a business's success. Raising funds is necessary but may involve personal risk.

In a paragraph, make a claim about the advantages of entrepreneurship and free enterprise. Be sure to support your claim with reasons and evidence. Also, address at least one counterclaim in your answer.

The ability of entrepreneurs to exist and thrive is the largest advantage of free enterprise. While some might say that entrepreneurship can create unemployment, entrepreneurs and free enterprise actually provide benefits. These positive outcomes include creating income, reducing unemployment, and providing funding for the government through taxes.

How are Bill Gates and Henry Ford similar? Check all that apply.

They both became wealthy and successful. They both helped better the lifestyles of others. They both developed products that filled a human need or needs.

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

an ability to learn from mistakes

What is one way for an entrepreneur to decrease risk?

by creating a strong business strategy

The US government tries to adopt policies that _____ entrepreneurship. Successful entrepreneurship _____ tax revenue for the government. There is a direct relationship between a high start-up rate and decreased _____

encourage increases unemployment

What must an entrepreneur do after creating a business plan?

finance the business

Successfully starting and running a business requires drive, talent, and clear vision of a long-range _____ .

goal

An entrepreneur would most likely be a

person who works well alone.

According to the article by Brooks, successful entrepreneurs are most interested in

personal fulfillment.

What must an entrepreneur assume when starting a business?

that clever market strategies may still fail to sell a product

According to the article, what is the primary cause of the decline in poverty rates in China?

the introduction of free trade and entrepreneurship

To be successful, an entrepreneur must be willing to invest money, considerable effort, and _____ .

time

What is one purpose of writing a business plan before entering the market?

to differentiate the new company from the competition