ENTREPRENEURSHIP

How scarce resources are distributed between competing

uses.

• Allocation of resources

• Partnership

• Companies

• Entrepreneur

Division of Labor:

• how scarce resources are distributed between competing

  uses.

• two or more person agreed to do business

• workers specializing in a particular task.

• None of the above

How a country decides what to produce, how to produce and for

whom to produce is called

• Allocation of resources

• Division of labour

• Economic system

• Partnership

an economy where consumers determine what is produced,

resources are allocated by the price mechanism and land and capital are privately

owned.

• Mixed Economy

• Market economy

• Command economy

• Planned economy

an economy in which both the private and public sectors play an

important role.

• Mixed economy

• Market economy

• Command economy

• NOne of the above

an economy where government makes the critical decisions, land

and capital are state owned and resources allocated by directives.

• Market economy

• Planned economy

• Mixed economy

• None of the above

is the amount output that can be produced from a given input of

resources

• Production

• Demand

• Productivity

• Supply

...........................................is whereby standardised

similar items are produced through an interrelated

process on production lines.

• Batch production

• Job production

• Flow production

• None of the above

............................................is where a group of products

are made together.

• Flow production

• Batch production

• Job production

• None of the above

is usually for a single unique product that is produced from the start to end which usually requires manual work.

• Job production

• Flow production

• Batch production

• none of the above