Entrepreneurship & the Economy Quiz
business cycle - Correct answer general pattern of
expansion and contraction that the economy goes through
(growth, recession, depression, and recovery)
discontinuance - Correct answer a business that
disappears from the tax rolls because it may be operating
under a new name or because the owner has purposely
discontinued it in order to start a business
economics - Correct answer the study of how people
allocate scarce resources to fulfill their unlimited wants
enterprise zones - Correct answer specially designated
areas of a community that provide tax benefits to a new
business locating there; communities may also provide
grants for new product development
entrepreneur - Correct answer an individual who
undertakes the creation, organization, and ownership of a
business
entrepreneurial - Correct answer the process of
recognizing an opportunity, testing it in the market and
gathering the resources necessary to go into business
