1st Quarter Final Exam: Part 4 - Economics

How do entrepreneurs influence economic growth?

• They create and sell good and services, which people use money to buy

• They only produce goods and services for themselves

• They do not invest their own money, instead they take from the population

Someone that takes risks and opens his or her own business.

• Buyer
• Capital Good
• Consumer
• Entrepreneur

People in a traditional economy will use _________ to obtain goods.

• Government
• Entrepreneurs
• Capitalism
• Bartering

In a market economy, how are economic decisions made?

• Government planners & customs
• Custom and habit.
• Government planners
• Buyers & sellers

This studies how individuals and societies seek to satisfy want & needs through incentives, choices and allocation of resources.

• scarcity
• economics
• natural resources
• capital resources

what is profit?

• the money you spend to make something

• the money you make at the end

• the money you made after you subtract the money you spend to make it

• the money you lost.

What is it called when there is a high demand for something, but there's not enough?

• production cost

• profit

• Scarcity

• money loss

Which of the following is one of the three basic economic questions?

• What price should be set for goods and services?

• How can income be shared?

• How should goods and services be produced?

• How is a budget created?

An economic system combining private and public enterprise.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

A desire for a certain good or service.

• producer

• opportunity cost

• supply

• demand