Items that are desired but not essential for survival.

The limited availability of resources.

The study of how societies use limited resources.

What is Voluntary Exchange?

A trade where both parties agree to the terms of the exchange.

What is a Command Economy?

An economy where the government makes all economic decisions.

What is a Market Economy?

An economy where supply and demand determine production.

What is a Mixed Economy?

An economy that combines elements of both market and command economies.

What is the Free Enterprise System?

An economic system where businesses operate with minimal government interference.

What is the Global Economy?

The interconnected economies of the world's nations.

Selling goods and services to another country.

Buying goods and services from another country.

What is a Trade Barrier?

A restriction on the free exchange of goods and services between countries.

A tax imposed on imported goods and services.

A limit on the quantity of goods that can be imported or exported.

What is the Foreign Exchange Rate?

The rate at which one currency can be exchanged for another.

A movement aimed at ensuring fair wages and working conditions for producers in developing countries.

What is the purpose of conducting a search when inventing a new product?

To find out if someone else has already patented a similar invention

How can mergers and acquisitions be financed?

Through a combination of stock, debt, or cash

What characterizes a hostile takeover?

It is not desired by the acquired company.

According to Maslow's Hierarchy of Needs, what is the primary motivator for individuals once their basic physiological needs are met?

The desire for safety and security, including financial stability and a secure environment.

Which of the following correctly lists the five levels of needs in Maslow's Hierarchy of Needs? Physiological needs, safety and security, love and belonging, esteem, self-actualization, Safety and security, physiological needs, love and belonging, self-actualization, esteem, Love and belonging, physiological needs, safety and security, esteem, self-actualization, Self-actualization, esteem, love and belonging, safety and security, physiological needs

Physiological needs, safety and security, love and belonging, esteem, self-actualization

Who is Abraham Maslow?

A psychologist best known for creating Maslow's hierarchy of needs.

Which of the following best describes the purpose of an economic system and the fundamental questions it addresses? An economic system is a system used by a society to allocate goods and services among its people and to cope with scarcity. The fundamental questions are: What goods and services are produced? What quantity of goods and services are produced? How are goods and services produced? For whom are goods and services produced?

An economic system is a system used by a society to allocate goods and services among its people and to cope with scarcity. The fundamental questions are: What goods and services are produced? What quantity of goods and services are produced? How are goods and services produced? For whom are goods and services produced?

Which of the following best describes the concept of wants and their impact on the demand for goods and services? Wants are things necessary to survive, and the supply of goods and services always meets the demand., Wants are things not necessary to survive, and the demand for goods and services is often larger than the supply that can be provided., Wants are things necessary to survive, and the demand for goods and services is always smaller than the supply., Wants are things not necessary to survive, and the supply of goods and services always exceeds the demand.

Wants are things not necessary to survive, and the demand for goods and services is often larger than the supply that can be provided.

Which of the following best describes the concept of scarcity in economics?

Scarcity occurs when there are not enough goods and services to meet the demand, meaning there is never enough of everything to satisfy everyone completely.

What can high demand for a product or service lead to?

Shortages, prompting businesses to increase production or raise prices

What can excess supply result in?

Lower prices and potential losses for businesses

What is the basic principle of supply and demand?

Prices are determined by the interaction of supply and demand

What is the law of demand?

As price decreases, demand increases

What is the law of supply?

As price increases, supply increases

What can cause a shift in the demand curve?

Changes in consumer preferences

How do entrepreneurs influence supply?

By introducing new products and services, increasing the supply of goods and services

What is one effect of successful entrepreneurial ventures on demand?

They attract consumers with novel offerings, stimulating demand

ENT U3 Entrepreneurship and the Economy Test Flashcards

Student preview

60 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a Sole Proprietorship?

Back

A business owned and operated by one individual.

2.

FLASHCARD QUESTION

Front

What is a Partnership?

Back

A business owned by two or more individuals.

3.

FLASHCARD QUESTION

Front

What is a Corporation?

Back

A business that is a separate legal entity owned by shareholders.

4.

FLASHCARD QUESTION

Front

What is an S-Corporation?

Back

A corporation that is taxed as a partnership.

5.

FLASHCARD QUESTION

Front

What is a Limited Liability Corporation (LLC)?

Back

A business structure that offers limited liability to its owners.

6.

FLASHCARD QUESTION

Front

What is a Franchise?

Back

A business model where individuals can buy the rights to open and operate a branch of an established company.

7.

FLASHCARD QUESTION

Front

What are Needs?

Back

Items that are essential for survival.

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