Key Concept Review 2. Discuss the role of small business and entrepreneurship in the
economy.
3. Describe economic systems.
4. Explain how economics is about making choices.
5. Discuss the role of economic indicators and business cycles.
6. Describe what entrepreneurs contribute to the U. S. economy.
7. Describe entrepreneurship from a historical perspective. (1.2)
8. Discuss the five components of the entrepreneurial start-up process
(1.2)
9. Explain how to achieve business success. (1.2)

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.