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Entrepreneurship Chapter 2 - Entrepreneurs in the Market Economy Flashcards | StudBud
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Entrepreneurship Chapter 2 - Entrepreneurs in the Market Economy
Entrepreneurship Chapter 2 - Entrepreneurs in the Market Economy
20 terms
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StudBud Administration
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This is a review of Entrepreneurship chapter 2
Flashcards
20 cards
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Questions
20
Answers
1
The point at which supply and demand meet
equilibrium price and quantity
law of diminishing returns
opportunity cost
economic decisions making
2
The process of choosing which needs & wants you will satisfy with the resources you have
economic decision making
law of diminishing returns
opportunity cost
equilibrium price and quantity
3
Division of labor occurs when individual workers focus on single tasks to be more efficient
True
False
4
Another name for economic resources is
factors of production
command economy
supply and demand
goods and services
5
An example of a noneconomic want is
friendship
clothing
housing
cars
6
Occurs when people's needs & wants are unlimited but the resources to produce them are limited
elastic demand
inelastic demand
scarcity
equilibrium
7
Private ownership of resources by the government rather than individuals is known as capitalism
False
True
8
What determines the type of economic system a country has?
political beliefs of the country's ruler
demands of the people
way the basic economic questions are answered
resources of the country
9
Marginal cost measures the advantages of producing one additional unit
False
True
10
If a product has inelastic demand, a price increase will cause
consumers to buy less
consumers to buy more
little or no change in demand
competitors to enter the market
11
Costs that go up & down depending on quantity of the good/service produced
variable costs
demand costs
opportunity costs
fixed costs
12
Which of these is not one of the 4 basic principles of the U.S. economic system
loss
competition
private property
freedom of choice
13
When a change in price creates a change in demand, you have
elastic demand
inelastic demand
14
The quantity of a good or service that consumers will buy at a given price
supply
demand
15
Which of the following is NOT a function of business
production
job creation
marketing
finance
16
Things that you think you must have in order to be satisfied are known as needs.
True
False
17
The value of the next-best alternative-the one you pass up
law of diminishing returns
economic decision making
opportunity cost
equilibrium price and quantity
18
The government determines what, how, and for whom goods are produced in a comman economy
True
False
19
The means through which goods & services are produced is known as economies of scale
True
False
20
Which of the following is NOT an example of a service?
cable TV intallation
car wash
bicycle
lawn care
