point at which buyers and sellers agreeon price

entrepreneurship I 1.01 Review Flashcards

1

Who controls all factors of production in a Demand Economy?

Corporations
Market
Taxes
Government

2

Which is NOT a way SB has contribute to society:

}Helpwith the flow of the economy
}Paytaxes to government
Pay college loan debt
contribute employment

3

Which is an example of raw materials?

People
Cars
Sweatshirt
Gas

4

Which is NOT one of the 3 Basic Economic Questions?

}Forwhom are we producing?
How much should we charge?
}Howshould we produce it?
}Whatshould we produce?

5

Which is considered to be a 'Small Business'?

Cookout
Garinger High School
$8 Haircuts
Apple

6

Which economic system is the government NOT involved in:

Free Market
Demand
Capitalist
Socialist

7

Define entrepreneurship:

Opening a Business
A family owned Dry Cleaner
the process of recognizing anopportunity.
A business which employs 75 people

8

What is the most common barrier to Entrepreneurship success?

Lack of customers
Bad Planning
Wrong location
Poor Economy

9

Which of these does not belong:

Mark Zuckerberg
Donald Trump
Oprah Winfrey
Barack Obama

10

Who wrote the book: 'The Wealth of Nations'?

Adam Smith
Kanye West
J. K. Rowling
Stephen King

11

What is Equilibrium?

Government agrees with corporation
point at which buyers and sellers agreeon price
a term used in skydiving
Employees

12

Example of means of production:

Factory
Gold Mine
Tractor
Oil Rig

13

A business is considered a Small Business if it has less than: ____________ Employees:

1000
500
50
100

14

Capitalist Economies are ruled by:

Supply/Demand
Economy
Government
Free spending

15

Socialist Economies control:

Monopoly
Demand
Healthcare
Price Gouging

entrepreneurship I 1.01 Review

Questions 15

entrepreneurship I 1.01 Review

Questions 15