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WorksheetsI2E: Lesson 2 Entrepreneurs in a Market Economy
Total questions: 30
Worksheet time: 15mins
Things you must have in order to survive
Need
Want
Economic Wants
Goods
Things you think you must have in order to be satisfied
Need
Want
Economic Wants
Goods
Desire for material goods/services
Need
Want
Economic Wants
Economic Resources
Products you can see and touch
Goods
Services
Gods
Goals
Activities that are consumed as they are produced
Harecut
Petcure
Lawn mowing
All of these
Factors of production
natural resoureces
human resources
capital resources
all of these
Rivers, lakes, oil
Human resources
Natural resources
Capital resources
People who made goods/services
Human resources
Capital resources
Natural resources
Cash, buildings, equipment
Natural resources
Human resources
Capital resources
Puppies
Law of Diminishing Returns
one factor is increased and will stay going up
one factor is increased and will eventually go down
one factor is decreased and will stay going down
one factor is decreased and will eventually go up
Capitalism
Free Enterprise
Private property
Freedom of choice
Competition
All of these
People's needs/wants are unlimited while resources are limited
Economic decision making
Scarcity
Opportunity cost
Capitalism
Process of choosing which needs/wants you will satisfy using the resources you have
Economic decision making
Scarcity
Opportunity Cost
Economic Wants
Opportunity cost
Choosing a want
Choosing a need
Buying the Iphone 11 instead of a car
Quantity of a good a producer is willing to produce at a given price
Supply
Demand
Quantity of a good/service that consumers are willing to buy at a given price
Demand
Supply
Demand is affect by its price
Demand Elasticity
Elastic Demand
Inelastic Demand
Change in price creates a change in demand
Demand Elasticity
Elastic Demand
Inelastic Demand
Change in price creates a very little change in demand
Demand Elasticity
Elastic Demand
Inelastic Demand
Inelastic demand
No substitutes
Change is small in relation to the consumer's income
Product is a need versus a want
All of these
Point at which the supply and demand curves meet
Intersection
Equilibrium Price & Quantity
Breakeven Point
All of these
Costs that must be paid regardless of how much of a good/service is being produced
Fixed costs
Variable costs
Marginal cost
Marginal benefit
Economies of scale
Costs that go up/down depending on the quantity of a good/service produced
Fixed costs
Variable costs
Marginal benefit
Marginal cost
Economies of scale
Measures the advantages of producing one additional unit of a good/service
Fixed costs
Variable costs
Marginal benefit
Marginal cost
Economies of scale
Measures the disadvantages of producing one additional unit of a good/service
Fixed costs
Variable costs
Marginal cost
Marginal benefit
Economies of scale
The costs advantages obtained due to expansion
Fixed costs
Variable costs
Marginal cost
Marginal benefit
Economies of scale
One provider of a good/service
Monopoly
Oligopoly
Perfect competition
Consists of a very large number of businesses producing nearly identical products and has many buyers
Perfect competition
Monopoly
Oligopoly
Market is dominated by a small number of businesses that gain the majority of total sales revenue
Monopoly
Oligopoly the board game
Oligopoly
Perfect competition
Four aspects of marketing
product, place, price, promotion
produck, place, promotion, price
product, place, promoshion, price
product, place, promotion, prize
