1. What are some examples of adding value to a resource?
A young mother starts selling her chocolate chip cookies which sells her cookies to many stores in the US and othercountries. Stere Jobs and Stephen Nozniak invented a personal computer now selling millions at innovative products.
2. How do most Americans earn their living?
Americans earn their living by workingin business.
3. What’s the difference between a product and a service?
A product is something that exists in nature or its made by human beings. A service is work that provides time, skills,or expertise in exchange for money.
4. What is the origin of the word entrepreneur?
The origin at the word entrepreneur comes from France, It was used to describe someone who undertook aproject, but then it came to mean someone who starts a new kind business or new why of doing business.
5. How do entrepreneurs see problems?
An entrepreneurs see problems as an opportunity.6. How is the word scarce in the business term scare resource used differently from its ordinary use?
That the resource that cost money “scarce”.
1. Why is capitalism calledcapitalism?
Because the money used to start a businesses called capital.
2. What is the difference between a small and a large business? Which is more common?
A small business employsfewer employees and has yearly sales under 5 millions than a large company. The most common is the small business.
3. What is the role of competition in the free-enterprise system? How doescompetition benefit the consumer?
The role of competition in the free-enterprise system is to attract the costumers by lowing prices. The consumer benefit from this by getting lower prices.
4.Why entrepreneurship the “engine” of an economy?
It drives the economy, creating wealth and jobs and improving our standard of living.
1. What is profit, and what does it...