WorksheetsENTREPRENEURSHIP: CHAPTER 2 TEST
Total questions: 25
Worksheet time: 19mins
Entrepreneurs who create products that change the way people live and conduct business are called _______________.
Bill Gates
scarcity
change agents
profit
The factors of production are:
natural resources, capital resources, and human resources
economic resources, goods, services, needs, and wants.
Market economy, traditional economy, scaric
profit, private property, freedom of choice and competition
The difference between the revenues earned by a business and the costs of operating the business is called _______________.
competition
scarcity
opportunity cost
profit
An example of a noneconomic want is :
clothing
housing
friendship
cars
Which of the following is not an example of a service?
lawn care
carwash
bicycle
cable TV installation
If a product has inelastic demand, a price increase demand, a price increase will cause
consumers to buy more
competitors to enter the market
consumers to buy less
little or no change in the demand for the item
Which of the following is not a role played by entrepreneurs in the U. S. economy
supply good and services to meet consumer needs and wants
provide capital investment and job creation
determine how to allocate natural resources
serve as agents for change
List the functions of a business:
Things that you think you must have in order to be satisfied:
wants
demand
needs
capitalism
The means through which goods and services are produced:
economic resource
capitalism
demand
economies of scale
Occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs are limited.
(a)
The process of choosing which needs and and wants you will satisfy using the resources you have:
(a)
The value of the next-best alternative--the one you pass up:
supply
wants
variable costs
opportunity cost
Equilibrium price and quantity is _________.
The point at which supply and demand meet:
fixed costs
equilibrium price and quantity
marginal cost
Measures the advantages of producing one additional unit of a good or service:
profit
fixed costs
supply
marginal cost
The private ownership of resources by individuals rather than the government:
fixed costs
capitalism
supply
demand
The quantity of a good or service that consumers will buy at a given price:
demand
supply
variable costs
needs
Costs that go up and down depending on the quantity of the good or service produced:
marginal benefit
variable costs
opportunity cost
marginal cost
The United States operate under what economic system?
(a)
In a ____________ _____________ economy, goods and services are produced the way they have always been produced.
(a)
In a ________________ economy, individuals an businesses as well as the government are involved in making decisions in the marketplace.
Mixed
Market
Traditional
Command
In a _________ ___________, the government determines what, how, and for whom goods and services are produced.
(a)
In a (a) economy, individuals and businesses decide what, how, and for whom goods and services are produced.
Another name for economic resources is:
factors of production
supply and demand
goods and services
command economy
Which of the following is not a function of business?
production
marketing
job creation
finance
