Measuring Economic Change Answers

Which phrase best describes the entrepreneurial quality of self-discipline?

Hakeem developed an idea for a phone app that matches local artists with businesses interested in purchasing artwork for their buildings and properties. Hakeem receives a small percentage from the profits of each local artist who completes a job found through the app.

In Ana Sofía’s neighborhood, a lot of people take public transportation to go their jobs very early in the morning. There are no places open early enough for people who want coffee and a snack as they head to work. For this reason, Ana Sofía started a business providing food-and-beverage trucks at bus stops around town. Her business has grown from three trucks to ten trucks over a period of only two years.

Mariana invented an exciting new device to help visually impaired people read. The cost of bringing this device to the marketplace was $200,000 in land (natural resources), $400,000 in capital (money, buildings, equipment), and $200,000 in labor (employees). In the company’s first year, Mariana sold $2 million worth of the devices.

Which statement best explains the role of entrepreneurs in a market economy?

Review the photo.Danica’s community experienced a strong storm that caused many people to lose electricity for several weeks. As a result, they were not able to keep food fresh in their refrigerators and freezers. Danica decided to collect donations so she could purchase fresh food from farmers in nearby areas and deliver it to the people in her community who needed it. Her entrepreneurship was featured on the local news, which brought in a lot more donations.

Which scenario best describes a social entrepreneur?

Read the quotation from Paul Allen, cofounder of Microsoft."In my experience, each failure contains the seeds of your next success—if you are willing to learn from it.”Which statement best explains how this quotation can be applied to entrepreneurship?

In 1975, Gary Dahl collected rocks from Mexico’s Rosarita Beach, packaged them with a "training manual,” and sold them as Pet Rocks. In the short time that his business existed, Dahl sold one million Pet Rocks at $4 each.What was Dahl’s most likely motivation for starting his business?

Review the photograph.