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WorksheetsChapter 2/ Entrepreneurship
Total questions: 16
Worksheet time: 16mins
What is supply
Products
Customers
Quantity of products available at a certain price
Needs are things that you must have in order to survive.
True
False
Things that you think you must have in order to be satisfied are called
Needs
Wants
Goods
Services
Earning a college degree is an example of satisfying which of the following areas of needs?
Safety
Esteem
Self-actualization
Social
The three types of economic resources that an entrepreneur may use to create useful goods and services are called
Economies of Scale
Factors of Consumption
Factors of the Economy
Factors of production
In the U.S. economy, entrepreneurs
Fulfill consumers' wants and needs
Provide employment
Help change the way people live
all of the above
When the quantity of a good or service produced increases, variable costs remain the same
True
False
The fixed costs of a business
Include Rent
Change each month
Includes utilities
Includes Advertising costs
Equilibrium occurs when Supply and demand intersect.
Yes
No
Today, China operates under a
Market Economy
Mixed Economy
Traditional Economy
Command Economy
The U.S. economic system is based on all of the following principles except
Government Control
Freedom of Speech
Private property
Competition
Scarcity exists because
Three different types of economies
There are too many people in the world
Resources are limited
Some products are too expensive to produce
The traditional economy is used in developed countries.
True
False
Define opportunity cost and scarcity.
What are the 4 factors of production?
What are three different types of competition?
