WorksheetsCh 11 Entrepreneurship and the Economy
Total questions: 15
Worksheet time: 8mins
Another name for "business" is
capital
economic system
exchange
enterprise
Which of the following is not one of the fundamental questions of economics?
How are the goods and services produced?
What goods and services are to be produced?
Where are goods and services produced?
For whom are goods and services produced?
In which type of economic system do suppliers and consumers control production and price of goods?
market
mixed
command
The United States is what kind of economic system?
socialist
communist
market
Which of the following is not a benefit of entrepreneurship for the local economy?
paying tariffs
hiring employees
joining a civic organization
paying taxes
Economics is
a social science
the study of how people satisfy their needs and wants
the study of how economies work
all of the answers
In economic terms, scarcity occurs when
not enough money is available for people to buy things
natural resources have been used up
there is not enough of a goods or services to meet the demand for it
too much money is chasing too many goods or services
A country's economic system is also called its
capitalism
economy
voluntary trade system
growth
Koran Bolden's business, Street Dreamz, is socially
symbolic
responsible
sustainable
In the command economy, the government controls
ownership
property
prices
all of the answers
In a market economy, the government controls the production of goods and services.
True
False
An economic system is a method used by a society to allocate goods and services among its people.
True
False
Economics always involves math even though it is called a social science.
True
False
Most modern economies are actually mixed economies--blending elements of command and market economies.
True
False
In a market economy, the government does not tell businesses what to produce or consumers what to buy.
True
False
