9 Week Review

Which of the following describes an entrepreneur?

• A person who is hired to work in a factory.

• A person who organizes, operates, and assumes the risk for a business venture.

• A person who organizes loans the money to a new business just getting started.

• A person who invests in businesses to make money.

Where buyers and sellers exchange goods and services.

• government

• economics

• market

People who produce goods and services.

• producer

• consumer

• market

What you give up when making a decision.

• long term goal

• opportunity cost

• producer

Lack of available resources.

• services

• scarcity

• goods

Resources that come from nature: water, soil, trees, coal, etc.

• natural resources

• scarcity

• market

Someone who buys or uses goods and services.

• producer

• services

• consumer

Products that can be bought and sold.

• producer

• goods

• services

Work that is done by others.

• services

• consumer

• economics

Justin wants to open a business that sells underwear and his underwear is the best in the world according to the New York Times. Justin is now the third richest man in the world. Which economic system is the country that Justin lives in?

• Communsim

• Socialism

• Free Market

• Traditional