Entrepreneurship and the Economy

In what type of economy can people choose the products and prices based on supply and demand?

• Communism
• Free Enterprise
• Socialism
• Traditional

In what type of economy does the government make all the economic decisions?

• Communism
• Free Enterprise
• Socialsm
• Traditional

In which type of economy does the government manage some businesses & industries? 

• Free Enterprise
• Communism
• Socialism
• Traditional

Tropical storms have destroyed some orange orchards. With less oranges available, what is likely to happen to the price of oranges?

• The price would increase
• The price would stay the same
• The price would go down

Why did Target lower the price on the ugly shirt?

• The supply of the shirt was low
• The demand for the shirt was low

A person who makes a product in the product market is called ___________________. 

• Consumer
• Clerk
• Worker
• Producer

A person who purchases a product is called a ________________________. 

• Producer
• Consumer
• Client
• Banker

There is a big concert event in your town and everyone wants to go.  There is a ____________ of tickets.

• Supply
• Scarcity 
• Credit 
• Cost factor

Buyers and sellers make the decisions.

• Traditional

• Communist

• Free Enterprise System

• Socialist

Economies are defined by how individuals, businesses and governments make decisions on:

• travel and education
• production and consumption
• monarchy and dictatroship
• markets and efficiencies