Entrepreneurship:11th Edition. Owning your Future: Chapter 2

Question 1

Who is the one takes control over a command economy?

Accepted Answer

Government

Question 2

Selling price - Expense=?

Accepted Answer

Loss, Profit

Question 3

What is another name for the market economy?

Accepted Answer

Free enterprise system, Capitalism

Question 4

What is the limit on the quantity of a product that can be imported into a country?

Accepted Answer

Quata

Question 5

Who are the ones that control a market economy?

Accepted Answer

Suppliers and consumers

Question 6

What is the relation of one currency unit related to another?

Accepted Answer

Foreign exchange rate

Question 7

A social science concerned with how people satisfy demand for g&s when the supply Is limited.

Accepted Answer

Economics

Question 8

What is a governmental restriction on international trade?

Accepted Answer

Trade barrier

Question 9

What happens if there are not enough to meet the demand?

Accepted Answer

Scarcity

Question 10

What is the price where supply equals demand?

Accepted Answer

Equilibrium price

Questions 10