Introduction to Business 1/08

Midterm Review Sheet (1-5)

• partnership
• risk taker
• Equal Pay Act
• profit
• corporation
• sole proprietorship
• virtual business
• OSHA
• small business
• standard of living
• EPA
• social responsibility
• budget deficit
• natural resources
• prosperity
• recession
• equilibrium price
• scarcity
• competition

• What is the difference between a public want & a private want? Give an example of each one.
• What is the difference between a renewable and a non-renewable resource? Give an example of each one.
• Name 2 ways people become unemployed.
• What is the difference between inflation & deflation?
• What is the main source of income for the US Government?
• Why is fair competition important to a consumer?
• List 2 things the government has done to protect workers and/or consumers.
• What is another name for a virtual business?
• Tell me how many owners are in a partnership and give two disadvantages of starting a partnership.

· An entrepreneur recognizes a business opportunity and organizes, manages and assumes the risks of a business venture. In paragraph format please answer the following questions about an entrepreneurship:

v Why do you think it is important for entrepreneurs to be take-charge, self-directed people?

v Why might it be more satisfying to run your own company than work for someone else?

v Why does the owner of a business usually put in more hours at work than an employee?

v Why is the need for money considered to be the most serious problem an entrepreneur faces?

v Do you think you would be a good entrepreneur? Explain thoroughly why or why not.