1. What four types of creative changes do entrepreneurs initiate in a market economy?
   1. X
   2. X
   3. X
   4. X
2. What is financial capital and where does it come from?
3. Briefly, who ISN'T an entrepreneur?
4. What is innovation and important source of economic growth?
5. Why aren't entrepreneurs likely to earn large profits from their businesses over many years?
6. What are the advantages of sole proprietorships?
   1. X
   2. X
   3. X
   4. X
   5. X
   6. X
7. What are the disadvantages?
   1. X
   2. X
   3. X
   4. X
   5. X
8. What are the two types of partnerships? Explain each one.
   1. X
   2. X
9. Identify the ways in which partnerships and sole proprietorships are different and similar.
10. Why do sole proprietorships become less efficient as they grow?
11. Why do most partnerships last only a few years or less?
12. Briefly define the following:
    1. Corporation
    2. Articles of Incorporation
    3. Private corporation
    4. PUblicly traded corporation
    5. S Corp
    6. LLC
    7. LLP
    8. Cooperative
    9. Not-for-profit
13. Identify the advantages of a corporation:
    1. X
    2. X
    3. X
    4. X
14. Why would most people refuse to invest in corporations if there were no limited liability for stock owners?