Identify the role of entrepreneurs.
DefinitionIdentification should include
- the definition of entrepreneur
- the characteristics of an entrepreneur
- the entrepreneur’s role in the market economy
- important incentives for entrepreneurs
- how entrepreneurs benefit society.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of the role of producers and consumers in a market economy by
- describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
- explaining how businesses respond to consumer sovereignty;
- identifying the role of entrepreneurs;
- comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
- describing how costs and revenues affect profit and supply;
- describing how increased productivity affects costs of production and standard of living;
- examining how investment in human capital, capital goods, and technology can improve productivity;
- describing the effects of competition on producers, sellers, and consumers;
- explaining why monopolies or collusion among sellers reduces competition and raises prices; and
- illustrating the circular flow of economic activity.
FBLA Competitive Events and Activities Areas
Banking and Financial Systems
Business Financial Plan
The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.