INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A company or organization that sells products or provides services to customers.
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A system in which people buy and sell goods, services, and resources.
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The more people demand the more business will supply.
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Someone who starts a business with the intention of earning a profit.
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Detailed explanation-1: -The law also indicates that if a commodity’s supply is higher than the demand, prices tend to fall. As more suppliers stay away, the demand for the commodity increases and the price also increases. Suppliers then join the market to meet the demand and earn higher profits.
Detailed explanation-2: -What is supply and demand in simple terms? Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy. Supply and demand are both influenced by the price of goods and services.
Detailed explanation-3: -The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. As the price increases, supply rises while demand declines. Conversely, as the price drops supply constricts while demand grows.
Detailed explanation-4: -Supply and demand is an economic model that provides the basis for the consumer economy. The given supply and cost of a good is driven by demand and how much consumers will pay for the good. When demand for a good is high, the price increases, and when the demand is low, the price drops in response.