Entrepreneurship Ch.2 and 3 Review

The U.S. can be best described as having a _________________ economy.  

Costs that a business owner must pay regardless of how much of a good or service is produced

Costs that go up and down depending on the quantity of the good or service produced

The concept of limited resources and unlimited needs and wants is called

The people who create goods and services are called

Which of the following is NOT a principle of the U.S. economy?

Entrepreneurs play a key role in the economy by:

Things that you think you must have in order to be satisfied 

If you invest some of your money in a business and it fails, do you get your money back?

A written document that describes all the steps necessary for opening and operating a business