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 ______

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 _____ 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