Chapter 2/ Entrepreneurship

What is supply

• Products

• Customers

• Quantity of products available at a certain price

Needs are things that you must have in order to survive.

• True

• False

Things that you think you must have in order to be satisfied are called

• Needs

• Wants

• Goods

• Services

Earning a college degree is an example of satisfying which of the following areas of needs?

• Safety

• Esteem

• Self-actualization

• Social

The three types of economic resources that an entrepreneur may use to create useful goods and services are called

• Economies of Scale

• Factors of Consumption

• Factors of the Economy

• Factors of production

In the U.S. economy, entrepreneurs

• Fulfill consumers' wants and needs

• Provide employment

• Help change the way people live

• all of the above

When the quantity of a good or service produced increases, variable costs remain the same

• True

• False

The fixed costs of a business

• Include Rent

• Change each month

• Includes utilities

• Includes Advertising costs

Equilibrium occurs when Supply and demand intersect.

• Yes

• No

Today, China operates under a

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy