Economics and Entrepreneurship

Economics and Entrepreneurship

Multiple Choice

Selecting an item or action from a set of possible alternatives is called making a...

• Production

• Opportunity Cost

• Demand

• Choice

Multiple Choice

The inability to satisfy all wants at the same time because resources and goods are limited is called...

• Choice

• Scarcity

• Supply

• Demand

Multiple Choice

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

• Comparative Advantage

• Equilibrium Point

• Income Effect

• Opportunity Cost

Multiple Choice

The four factors of production.

• Machines, Money, Oil, Plastic

• money, big cars, money, diamond rings

• Natural Resources, Labor, Capital, Entrepreneurship

Multiple Choice

An ________ refers to an individual who is tasked with developing an innovative idea or project within a company.

• intrapreneur

• entrepreneur

Multiple Choice

The act of assuming the risk of organizing productive resources to produce goods and services.

• business
• critical thinking
• entrepreneurship
• risk management

Multiple Choice

what do we call someone who took a risk and start a business?

• manager

• entrepreneurship

• entrepreneur

• enterprise

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