Business & Entrepreneurship Final Exam Review

Which of the following economies are usually found in rural, under-developed countries?

• Command

• Traditional

• Market

• Mixed

What economy is characterized by being a combination of a market and a command economy?

• Traditional

• Market

• Mixed

• Command

Economic activities that are controlled by the government are considered what type of economy?

• Traditional

• Mixed

• Market

• Command

How individuals seek to satisfy needs and wants through choices and allocation of resources?

• Supply

• Demand

• Business

• Economics

Land, air, water are examples of what type of resource?

• Natural Resource

• Capital Resource

• Entrepreneurial Resource

• Capital Resource

Technology, buildings, equipment is considered to be kind of resource?

• Capital Resource

• Natural Resource

• Entrepreneurial Resource

• Human Resources

Recognizing the need for new goods or services is considered what type of resource?

• Natural Resource

• Capital Resource

• Entrepreneurial Resource

• Human Resource

Using a person's skills and knowledge to get needs and wants is what kind of resource?

• Natural Resource

• Capital Resource

• Entrepreneurial Resource

• Human Resource

Advantage of command economy?

• Guarantee equal standard of living

• People have specific roles

• Competition is harvested and valued

• There isn't any advantages of command

What is a disadvantage in a Traditional economy?

• Huge difference between rich and poor

• No entrepreneurship

• Technology is not used

• Citizens have to pay taxes