Review for CE 11& 12

Identify what risks entrepreneurs may have to take to turn a profit

• Failure and loss of personal money

• Using private funds to start a new business

• Disappointing the government agency they work for

• Public ridicule

• Owing extra taxes for starting a new business

Which person would most likely be considered an entrepreneur?

• Travis works as a mechanic at a car dealership

• Jose took a risk to make a profit from home storage units

• Emma sells cellular devices for a national company.

• Ming teaches math in a public high school

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

"Households receive money (payments) for the labor." Which label on the circular flow best describes this?

• Expenditures

• revenue

• Income

• none of the above

A business that has one owner would be an example of a -

• Sole Proprietorship
• Partnership
• Corporation

An entrepreneur can choose to have which type of business organization?

• Sole Proprietorship
• Partnership
• Corporation
• All of the above

A business where owners share profits and risks is called what?

• Partnership
• Proprietorship
• Entrepreneurship

Which category of Circular Flow provides public goods and services?

• Businesses
• Households
• Government