Chapter 1 Review

A/An_____________is an individual who undertakes the creation, organization, and ownership of a business.

• consumer

• entrepreneur

• business owner

• capitalist

A/An___________ is a new business undertaking that involves risk

• monopoly

• entrepreneur

• venture

• market structure

____________is the study of how people choose to allocate scarce resources to fulfill their unlimited wants.

• Economics

• Entrepreneurship

• Free enterprise system

• Monopoly

In a/an__________, people have an important right to make economic choices.

• entrepreneurship

• free society

• Free enterprise system

• Monopoly

___________is money left after all expenses of running a business have been deducted from the income.

• Capital

• Cost

• Profit

• Surplus

________ competition is a market structure in which there are numerous buyers and sellers, and no single buyer or seller can affect price.

• Free enterprise

• Monopolistic

• Oligopolistic

• Perfect

A__________is a basic requirement for survival.

• need

• good

• service

• want

The resources businesses use to produce the goods and services people want are called__________.

• factors of manufacturing

• factors of production

• capital

• start-up funds

In a free enterprise system, the price of a product is determined in the _____________.

• marketplace

• stock market

• government

• company

____________ is the total market value of goods and services produced by workers and capital within a country during a given period.

• Federal Reserve

• Factors of Production

• Resources

• Gross Domestic Product