Entrepreneurial Concepts and Economic Development Quiz

Entrepreneurship is the process of starting and managing a business venture.

Risk-taking is a common characteristic of successful entrepreneurs.

Entrepreneurship is the term used to describe the process of turning an idea into a viable business.

A monopoly is characterized by having a single seller.

The term for the process of bringing together the necessary resources to start a business is bootstrapping.

Private ownership of resources is a key characteristic of a market economy.

Socioeconomic status is not a factor affecting entrepreneurial success.

The primary goal of economic development is achieving sustainable economic growth.

GDP stands for Gross Domestic Product in the context of economic development.

High levels of income inequality are not a characteristic of a developed economy.

The term used to describe the total value of goods and services produced within a country's borders in a specific time period is Gross Domestic Product (GDP).

Risk aversion is not a factor influencing entrepreneurial motivation.

Schumpeterian economics suggests that entrepreneurship is the driving force behind economic development.

According to the theory of comparative advantage, countries should specialize in producing goods they can produce most efficiently.

In the context of economic development, FDI stands for Foreign Direct Investment.

According to Maslow's hierarchy of needs, the level of belongingness and love needs must be satisfied before an individual seeks self-actualization.

The term that describes a situation where there are many buyers and sellers, none of whom can influence the price of the product is perfect competition.