Entrepreneurship and Economics

What is supply and demand?

• Describes the relationship between a businesses employees and its profits

• Criteria used to evaluate customer satisfaction

• The economic relationship between the price of a product, its availability and the customers demand for it

What is a budget?

• A summary of all the transactions made in your savings account

• A spending plan that outlines your businesses incomes and outgoings

• A document detailing company rules and regulations

What is a fixed cost?

• Business costs that do not vary

• The costs that change depending on the output

• An expense related to advertising campaigns

What is a variable cost?

• Business costs that do vary

• The costs that change depending on the output

• An expense related to advertising campaigns

Fill in the blank:

Supply and (a)  

Are concert tickets an example of a fixed or variable expense?

• Fixed

• Variable

• None

What are imports?

• Products purchased from foreign countries to be used or sold domestically

• Goods sent out of a country for sale or trade in foreign markets

• Products manufactured locally

What are exports?

• Products purchased from foreign countries to be used or sold domestically

• Goods sent out of a country for sale or trade in foreign markets.

• Products manufactured locally

Fill in the blank:

International (a)   is the lifeblood of the global economy.

TRUE OR FALSE?

The purpose of the study of economics is to help society decide how to create, distribute, and consume wealth.

• True

• False