has regulations with a some freedom to make what you want

a combination of other economies and some government rules

can create her own product or do what interests her

there is a risk of financial loss

In a traditional economy

ideas are passed down from generation to generation

A risk of being an entrepreneur is

business failure and loss of money you invested in company

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Entrepreneurship and Economic Systems

22 termsStudBud Administration39 plays

advantages and disadvantages of being an #entrepreneur, and different #economic systems

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Questions 22

Answers

1
In a socialist economy
the government is heavily involved
all of the above
many social services are provided by the government
the taxes are high
2
A mixed economy
is run completely by the government
improves use of all resources
has regulations with a some freedom to make what you want
no government involvement
3
An entrepreneur is someone who
writes books
starts her own business
works for someone else
delivers packages
4
Which economic system is based on doing things how things have always been done?
Command
Market
Traditional
Socialist
5
Entrepreneurs may have to work long hours.
true
false
6
Characteristics of an entrepreneur include all BUT...
optimistic
good driver
good with details
team player
7
Profit is the goal in a
market economy
traditional economy
socialist economy
command economy
8
A mixed economy has
elves to manufacture the products
a combination of other economies and some government rules
a "master plan" to operate under
higher taxes
9
In a command market
traditions matter
there is competition to make more than another company
the consumers decide what should be made
supply and demand don't matter
10
An entrepreneur
can create her own product or do what interests her
has a lot of free time
has a lot of financial security
has no liability (fault) if business fails
11
In a market economy
there is a risk of financial loss
government decides the products to sell
government tells people when they can work
individuals don't try to make a profit
12
Important characteristics of an entrepreneur include all BUT...
risk taker
hard working
"thick skin"
good looking
13
There is resistance to change in a
mixed economy
command economy
market economy
traditional economy
14
Individuals and companies can own businesses in a
socialist economy
command economy
traditional economy
market economy
15
What type of economic system has heavy use of advertising?
Market
Socialist
Traditional
Command
16
Entrepreneurs can do all of the following EXCEPT ...
decide what products to make
pick their own work schedule
control how much they get paid
get cheap health insurance
17
When the government makes all the economic decisions it is a ____________ economic system.
Market
Socialist
Traditional
Command
18
What type of economic system is also known as capitalism?
Command
Socialist
Market
Traditional
19
In a traditional economy
profit is the main goal
ideas are passed down from generation to generation
the taxes are higher
the government controls the prices
20
Governments control everything in a
market economy
traditional economy
command economy
mixed economy
21
The United States has a
mixed economy
traditional economy
command economy
market economy
22
A risk of being an entrepreneur is
accumulation of wealth
hiring people to do things you don't want to do
business failure and loss of money you invested in company
personal satisfaction

Entrepreneurship and Economic Systems Flashcards | StudBud