Business English Lesson – Advanced Level''''s archiveEntrepreneurial Behavior doc

Business English Lesson – Advanced Level's archive
Entrepreneurial Behavior
1. The term 'entrepreneur' was introduced to economics
by Richard Cantillon in 1755; since then, entrepreneurship
and its central , the entrepreneur, have been the
focus of numerous studies, including the qualities of
entrepreneurial behavior, and corporate entrepreneurship.

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2. Recently, a new stream of literature has formed
strategic entrepreneurship (Hitt et al. 2002a; Meyer and
Heppard).

amid
around
through
toward
3. This new area of research is different from what has
been traditionally as strategic management
research.

identified
listed
pigeon-holed
recorded
4. Instead of focusing on the that can be used to
sustain competitive advantage (i.e., existing market
position), strategic entrepreneurship is about recognizing

and taking advantage of new profit opportunities.

mechanics
mechanisms
techniques
tectonics
5. A firm that manages for strategic flexibility and constant
renewal is able to above-average profits and thus is
rewarded for its entrepreneurial behavior.

engender
generate
permutate
proliferate
6. The return to entrepreneurial behavior is entrepreneurial
rent, and unlike most factor costs, entrepreneurial rents
are noncontractible; this is because the entrepreneur
judgments to allocate resources in an uncertain
environment.

considers
exercises
passes
reserves
7. Because the judgments are framed in an uncertain
environment, the judgments themselves are uncertain and
are thus ex noncontractible.

ante
cathedra

gratia
officio
8. Because entrepreneurship is not as as other
factors, the analysis of payments to entrepreneurial
behavior is complex.

homogenous
homologous
homolytic
homophobic
9. The aim of Ross and Westgren's paper is to include
entrepreneurship in a model of the firm while reducing this
dimensionality to two categories, arbitrage and innovation;
they highlight what the entrepreneur receives for these
activities and what governs their from the stream of
profits.

composition
computation
importation
imputation
10. Following this model, entrepreneurial rents are then
calculated for a three-site hog production farm.

empirically
hypothetically
impulsively
perfunctorily