Entrepurnership vocab quiz Chpter 2

The private ownership of resources by individuals rather than by the government.

• Supply

• fixed costs

• Capitalism

• Economic resource

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The quantity of a good or service that consumers are willing to buy at a given price.

• Demand

• Marginal benefit

• Profit

• Variable Costs

The process of choosing which needs and wants, among several, will be satisfied using the resources on hand.

• Economies of scale

• Economic decision making

• Capitalism

• Economic resource

means through which goods and services are produced.

• Demand

• Marginal benefit

• Equilibrium price and quantity

• Economic resource

the cost advantages obtained by a business due to expansion.

• Wants

• Economies of scale

• Needs

• Supply

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

point at which the supply and demand curves meet.

• Marginal cost

• Scarcity

• Capitalism

• Equilibrium price and quantity

costs that must be paid regardless of how much of a good or service is produced

• Needs

• Marginal cost

• Fixed costs

• Variable costs

measures the advantages of producing one additional unit of a good or service.

• Marginal benefit

• Marginal cost

• Opportunity cost

• Scarcity

measures the disadvantages of producing one additional unit of a good or service

• Marginal cost

• Scarcity

• Variable costs

• Supply

things that a person must have in order to survive.

• Demand

• Fixed costs

• Economic resources

• Needs