Economics Vocabulary

Which of the following best describes the role of an entrepreneur in an economy?

• To provide public services like education and healthcare

• To manage the distribution of resources without seeking profit

• To innovate, organize resources, and create new goods or services

• To ensure that all products are distributed equally among the population

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DOK Level 2: Skill/Concept

What is the primary difference between goods and services?

• Goods are always physical items, while services are activities provided by others

• Goods are more expensive than services

• Services can be stored for future use, but goods cannot

• Goods are provided by the government, while services are provided by private businesses

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DOK Level 2: Skill/Concept

Which of the following is an example of a natural resource?

• A factory building

• A computer software

• A river

• Entrepreneurial skills

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DOK Level 2: Skill/Concept

What does the concept of profit involve?

• The total revenue from sales

• The amount of money left after all expenses are paid

• The cost of goods sold

• The total investment in the business

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DOK Level 2: Skill/Concept

Which of the following best defines human resources?

• Machines and technology used in production

• Natural landscapes and minerals

• Skills, knowledge, and labor provided by people

• Financial capital invested in a business

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DOK Level 2: Skill/Concept

How do entrepreneurs contribute to the economy?

• By paying taxes only

• By creating jobs and introducing innovations

• By regulating trade policies

• By providing free services

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DOK Level 2: Skill/Concept

What distinguishes a service from a good?

• Services are less valuable than goods

• Services are intangible and involve performing tasks for others

• Services can be physically touched

• Services are always provided by the government

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DOK Level 2: Skill/Concept

Which type of resource is primarily involved when discussing entrepreneurship?

• Natural resources

• Human resources

• Capital goods

• Manufactured resources

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DOK Level 2: Skill/Concept

What is the main goal of an entrepreneur when starting a business?

• To break even

• To minimize costs only

• To maximize profits

• To comply with government regulations

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DOK Level 2: Skill/Concept

Which of the following is an example of a capital resource?

• A forest

• A professional athlete

• A factory machine

• An entrepreneur's idea

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DOK Level 2: Skill/Concept