Entrepreneurship Chapter 3 Quiz

Scarcity occurs in

• Only Market economies

• Only Command economies

• In Every economy

• It is not an issue in any economy

In a command economy, the decisions on what, how, and for whom to produce goods and services is mady by whom?

• Businesses

• Entrepreneurs

• Individuals

• Government

Scarcity means

• There are unlimited resources to produce goods and services

• There are limited resources to produce goods and services

• There are more resources than individual wants and needs

• None of these

In a Command Economy, people have

• Unlimited choices about products and services they produce

• More choices about products and services they produce

• Little choice about products and services they produce

• None of these

In a Market economy, the Choice of (whom), creates the Market

• The choice of the President

• The choice of city officials

• The choice of Government

• The choice of individuals

The determination of prices for goods and services is done by

• Producers only

• Consumers only

• Consumers and Producers

• None of these

Suppliers are willing to supply more of a product or service at what price?

• Higher price

• Lower price

• Neither of these

• Both of these

Individuals are willing to consume more of a product or service at what price?

• High Prices

• Low prices

• Neither of these

• Both of these

This is how much of a good or service a producer is willing to produce at different prices

• Demand

• Equilibrium

• Supply

• All of these

This is an individual's need or desire for a product or service at a given price

• Demand

• Equilibrium

• Supply

• All of these