Unit 5 Quiz Review (Entrepreneurship) -Semester A

Elijah and William are eager entrepreneurs hoping to open a used video game store in their town called 'Harper's Gaming Hub'. Why should they take time to learn about economics before opening their store?

• To participate in a voluntary exchange with consumers within the market economy

• To implement the factors of production as a basis for producing goods and services

• To gain a better understanding of uncontrollable sources that could impact their business

• To engage in a market economy with minimal interference from government

During a class discussion about the factors of production, Rudy's teacher calls on him and asks Rudy to provide an example of a natural, or tangible, resource. Rudy thinks about a recent field trip where he, Zoe, Liam, and Charlotte visited a farm. What correct answer does Rudy offer for an example based on the field trip?

• Land

• Reputation

• Relationships

• Patents

Kai, Michael, and Emma are discussing their parents' jobs. Kai mentions that his dad often talks about 'the market' in his business calls. Emma explains that Kai's dad is not talking about a physical store, but rather the economic market. She goes on to explain that the market is:

• the value of all services sold within a year.

• the exchange process between buyers and sellers.

• the voluntary donation of blood to blood banks.

• the percentage of the labor force that is unemployed and actively seeking work.

Hannah lives in a country where the centralized government controls all (or most) of the resources and makes the production decisions. Based on this, what term best describes the type of economy in Hannah's country?

• Free

• Command

• Labor

• Market

Kai, Aiden, and Michael are discussing the structure of the economy in the United States, which is based on blending elements of market and command economy structures. What would be an appropriate title for their presentation on the economic system of the United States?  

• The United States Has a Market Economy

• Labor in the United States

• The United States’ Command Economy

• The Mixed Economy of the United States

Abigail, Nora, and Rohan are running a small business selling handmade crafts. As both sellers and consumers, they want to understand the perceived value received when purchasing a good or service. They decide to learn about this concept to improve their business. What concept are they trying to learn about?

• Economic utility

• Voluntary exchange

• Factors of production

• Opportunity costs

Isla and Priya are helping Raymond set up his new business. They know that businesses need resources, known as factors of production, to produce goods and services. At the moment, they are focused on hiring employees to help them stock and organize their warehouse. Based on this, what resource category are they currently focused on?

• Utilities

• Currencies

• Labor

• Information

Abigail and Arjun are discussing Laura's successful business. They notice that Laura has developed a specialized knowledge and expertise about her business over the years, utilizing the factor of production known as:

• entrepreneurship.

• information resources.

• natural resources.

• labor.

Hannah, Evelyn, and Elijah are planning to visit Ben's ice cream stand for his signature milkshake. However, they find out that a key ingredient for the milkshake will soon be discontinued. What will Ben be dealing with based on the lack of availability of this resource?

• Scarcity

• Allocation

• Restriction

• Abundance

David, Noah, and Henry run a handmade home goods online shop together. They decide to reduce the number of products they make and sell, focusing only on creating the best original art and hand-embroidered towels. To achieve more success and sales with these specific items, they will have to give up selling the other products that their shop used to feature. What concept does this scenario BEST illustrate?

• Scarce resources

• Absolute advantage

• Equilibrium price

• Opportunity costs