Entrepreneurs

Everyday Economics

From the reading, type your answers to finish these sentences. If there is a (blank), highlight the parentheses and the word blank and type the word or words that should be there.

  1. An entrepreneur is a person who brings together
  2. An entrepreneur has an idea and takes the
  3. A healthy economy has
  4. Entrepreneurs who are innovators create (blank), increase (blank) and keep an economy (blank).
  5. Fred Smith founded (blank). He thought of the idea while at (blank).
  6. Larry Page and Sergey Brin founded (blank). They thought of the idea while at (blank). They are now each worth (blank).
  7. Mark Zuckerberg and friends founded (blank) while at (blank). This was originally only open to select people. Within 9 months, however, there were more than (blank) users.
  8. Smith, Page, Brin, and Zuckerberg are examples of (blank) entrepreneurs because they created something new which created new jobs and more income.
  9. A (blank) entrepreneur does not start something new but recognizes an opportunity in their local community. Who or what is an example of this type of entrepreneur in the Prairie Home / Boonville area?
  10. “Starting a successful business has been a means of raising one’s living standards.” What does this mean?
  11. When any good or service is produced, (blank) are necessary.
  12. The four broad categories of resources are – list and define or give an example each one:
  13. Julie Clark founded (blank). In the first 5 years, her company produced (blank) children’s books, 10 videos and (blank) music albums before being sold to (blank).
  14. Look at this infographic: on how chocolate is made and identify the resources used in making chocolate. All four from question #12 above are used.
  15. How does the entrepreneur know if he/she made a good decision in starting a new business? (page 4 right column)
  16. How does the entrepreneur know if he/she made a bad decision in starting a new business?
  17. Tyler Perry at one time slept in his car but now writes, acts, and owns two companies, (blank) and (blank) that employ over (blank) people.
  18. Who said this, “It’s strange how, just as soon as an article becomes successful, somebody starts to think that it would be more successful if only it were different.”
  19. Creative destruction is when (blank) products or services replace existing products or services. The example given is the typewriter. Name two more products that are now obsolete and tell what replaced them.
  20. A (blank) economy is one that allows (two words) to occur.
  21. Bill Bowerman and Phil Knight founded (blank).
  22. To make the nubby sole of running shoes, Bowerman poured (blank) into a (blank).
  23. In the early 1800’s, (blank)% of Americans worked on farms. We needed that many farmers to produce enough food for all of us to eat.
  24. By the 1850’s, machines had been invented that allowed us to feed the same amount of people with fewer farms. Name two of those machines:
  25. These machine inventions displaced farmers meaning that some people who farmed now needed to find work in (blank). The Industrial Revolution had begun.
  26. With advancements in technology, factory workers had to find work in (blank-at least two options here). The Information Age had begun.
  27. The American labor force has increased its productivity over the years allowing us to produce more goods and services with fewer resources. Resources are (blank-this is from previous notes) while wants are (blank).
  28. Economists measure the production of a society by calculating the (blank).
  29. The market value of all the final goods and services produced within the country’s borders within a given year is called the (blank).
  30. (Blank) is a significant cause of increased productivity.
  31. Look at the diagram of the Production Possibility Curve on page 7. What happens when the curve shifts outward? What happens if the curve were to shift inward?
  32. The three ways to increase productivity are to add more machinery or factories, also known as (blank), upgrade worker’s (blank) or (blank) and introducing new technologies.
  33. (Blank) can discourage entrepreneurs. (Page 8)
  34. Some cities and states provide (blank) to attract new businesses.
  35. Bill Gates developed a new programming language called (blank) and founded the company (blank).
  36. Steve Jobs founded the companies (blank) and (blank) and (blank) Animation Studios.
  37. Copyright, trademark, patents – this is important for Entrepreneurs to know. Find at least three resources on the internet: video, game, infographic, worksheet, etc. that help explain these terms.
  38. A sole proprietorship is owned by (blank) person and the owner receives all the profits and is responsible for all the debts of the business.
  39. A partnership is owned by (blank) people and all owners invest in the business and split the debts of the business.
  40. A corporation is a separate (blank). The owners are called (blank) and they have limited liability for any debts of the corporation. They may receive dividendsas part of the profit sharing.
  41. Look at the picture on page 10.
  42. Sole proprietors make up (blank)% of the firms and have (blank)% of the sales in the US.
  43. Corporations make up (blank)% of the firms and have (blank)% of sales in the US.
  44. Partnerships make up (blank)% of the firms and have (blank)% of sales in the US.
  45. Without protection of private property and (blank) property, (blank) legal and regulatory systems and reasonable (blank) codes, entrepreneurship would not exist.
  46. Linda Alvarado founded (blank) and is the first woman and Hispanic investor in the (blank), a Major League Baseball franchise.
  47. Oprah Winfrey hosted a morning talk show in (blank) that got renamed the Oprah Winfrey Show when it became hugely popular.
  48. Oprah’s show became nationally syndicated a few years later and a few years after that, she established (blank-two words), making her the 3rd woman in American history to have her own studio. The other two women were (blank) and (blank).
  49. Countries that have entrepreneurship as an important part of their core values will have a (blank-two words) in the 21st century economy.
  50. Great minds: in your own words tell what these people did to impact entrepreneurship
  51. Richard Cantillion –
  52. Jean-Baptiste Say –
  53. Joseph Shumpeter -
  54. William Baumol –
  55. Israel Kirzner -