While Working at Enterprisers Corp

question 60

Multiple Choice

While working at Enterprisers Corp., Savvy has created a new venture based solely on her idea and Enterprisers' proprietary technology. Savvy can be described as a(n)

• A)intrapreneur.
• B)independent entrepreneur.
• C)sole proprietor.
• D)venture capitalist.
• E)franchisee.

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Definitions:

Product Price

The sum of money needed to buy a specific product or service.

Wage Rate

The amount of compensation paid to employees for their labor per unit of time, often expressed per hour or year.

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with less costly alternatives.

Output Effect

The impact on an organization's total output resulting from a change in price, affecting the quantity supplied or demanded.