Entrepreneurial Economics

Imagine Oliver and Noah are on a quest to build the perfect city. They need to figure out how to satisfy everyone's wants and needs with limited resources. What study helps them understand the best ways to use incentives, choices, and resource allocation?

• capital resources

• scarcity

• natural resources

• economics

Imagine Anika and Benjamin are shopping for video games. As the prices drop, they find themselves grabbing more games off the shelves! This scenario illustrates which economic principle?

• Law of the Land

• Law of Demand

• Law of Supply

• Law of Economics

Imagine you're helping Abigail and Zoe set up a lemonade stand! This includes the customers & locations they want to serve. What is this called in business terms?

• Island

• Market

• Supply

• Area

Imagine Henry, Daniel, and Ethan are at a market where the price of their favorite comic books is set above the usual rate. Do you think they'd be less willing to buy them at this higher price?

• True

• False

Imagine Isla and Aiden are at a market where the price of their favorite comic book is set above the equilibrium price. Do you think more people will be willing to buy at this higher price?

• True

• False

Imagine Isla and James are competing in a fun economics quiz! They're asked to explain what a supply & demand graph 

• 
  would show changes in a product's demand or supply.

• is a visual representation of supply & demand.

• can predict the performance of the product over time.

• all of the answers are correct

Imagine Abigail and Liam are part of a team project. What do they bring to their work, characterized by their knowledge, efforts, and skills, also known as?

• capital resources

• economics

• human resources

• entrepreneurial resources

Hey Mia, Elijah, and Avery! Ready for a challenge? What's the term for the initiative to improve goods & services or to create brand new ones?

• economics

• entrepreneurial resources

• The study of scarcity

• capital resources

Imagine Liam and Anika are playing a game where they need to choose resources to build their dream city. They quickly realize that their wants exceed the resources available. What is this situation called?

• economics

• 
  market economy

• scarcity

• mixed economy

Imagine Luna and Maya are playing a game where they build products from scratch. What type of resources are they using if they produce goods that are used to make other goods and services?

• natural resources

• human resources

• entrepreneurial resources

• capital resources