The Four Main Characteristics of Successful Entrepreneurs Are: Passion for the Business

question 13

True/False

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite of a normal good.

Normal Good

A good for which demand increases as the income of the consumer increases.

Price Elasticity

An indicator of the alteration in the amount of a product that is either demanded or supplied, as a result of variations in its market price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at various prices.