Be able to write a Business Concept Description. Give examples of entrepreneurial funding sources and define interest. Define a franchise and give its advantages and disadvantages over an independent business. Identify the purpose of a statement of income and define the terms on it. List the four productive resources and give examples of each.
List skills a successful entrepreneur possesses.
Define scarcity and opportunity cost and give one example of each from the simulation. Identify information contained in an advertisement and the role advertising plays in a market economy. Identify what should be considered when determining the number of employees to hire and setting up a work schedule. Define natural and capital resources and explain how a resource market operates. Give examples of how competition helps keep the price of resources low.