Chapter 9—The Entrepreneur and the Market Process Key
1. Markets provide
2. Specialization should be guided
3. The market process is
4. Generally, microeconomics
5. The ____ is at the center of the market process.
6. To Schumpeter, the market process is called
7. Entrepreneurs reveal
8. In economics
9. In the market processes resources end up being located in their
12. It is sometime useful to view each step in the supply chain as a(n)
13. Economic profit equals
14. If economic profits are zero
15. If economic profits are negative
16. The entrepreneur is always searching for
17. Managers and entrepreneurs are
18. It is always the best strategy to
19. Entrepreneurs should always
20. Seeking profits without producing anything
21. The market process avoids creative destruction.
22. The market process is dynamic.
23. Managers are at the heart of the market process.
24. Entrepreneurs are at the heart of the market process.
25. Entrepreneurs create destruction.
26. Entrepreneurs seek accounting profit.
27. Economic Profit equals accounting profit plus the cost of capital.
28. If accounting profits are positive then economic profit is positive.
29. If economic profits are zero, then the entrepreneur can go elsewhere and do better.
30. Entrepreneurs serve a different purpose compared to a manager.