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WorksheetsChapter 2 of Intro to Business
Total questions: 11
Worksheet time: 4mins
What is an entrepreneurial resource?
A resource that comes from Earth like coal or iron
Resources
People who meet up to make use of available resources or produce new technologies.
Production
Define Scarcity.
No
To lack something, particularly resources
Being scared of economics
A lack of people
What are the four factors of production
Resources, entrepreneurs, economic systems, and production
labor, natural, entrepreneurship, and business
labor, voluntary, entrepreneurship, and capital
labor, natural, entrepreneurship, and capital
What are the three things to consider when producing goods?
when is it being made, who should be in charge of making it, what is the importance of this product
Who-the audience-, how, and what is being produced in the first place
why is it being made, who should be in charge of making it, what is the importance of this product
Who-the audience-, when is it being produced in the first place
Which economy is privately owned and gives individuals freedom to choose products as well as starting businesses? This focuses on what people want.
Market Economy
Production Economy
Capital Economy
Mixed Economy
What type of government would normally have a command economy
Capitalist
Facist
Communist
Democratic
What is a mixed economy
An economy that is a mix between both market and mixed economies.
An economy that is a mix between both market and command economies.
An economy that sells products from a mixture of ethnicities and social groups.
An economy that mixes up what it sells depending on the season, day, or sellers interest.
What is the study of how society chooses to use resources to produce and distribute goods and services for peoples consumption?
Politics
Business
Finance
Economics
What type of resource is a hammer?
Natural
Entrepreneurial
Capital
Human resources
What is a likely issue with a market economy?
Decrease in mental health
Too many markets
A monopoly
Pollution
What is opportunity cost?
Deciding to use a resource for one purpose means giving up the opportunity to use it for something else
paying for an opportunity to be created
spending money on new opportunities to reach a wealthy and successful business goal
Deciding to throw away a resource for no purpose means losing the opportunity to use it for something else
