Entrepreneurship Chapter 3 Review

Marginal benefit measures the advantage of producing one additional unit.

When a company controls the market it is called a monopoly.

The functions of business operate independently of each other.

Scarcity exists because

Scarcity occurs

Setting business goals would be considered a primary function of.....................

Variable costs  are $1.35, how much would  fixed costs increase if 30 units were added.

A supply curve shows that the quantity produced....

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The role of business is to produce and distribute goods and services that people want and need.

Fixed costs of a business...

Products you can see and touch are called?

A demand curve shows that the quantity consumed.................

In the US economy, entrepreneurs...

The 3 types of economic resources are called

Needs and wants are unlimited.

In a market economy, individual choice.....

Opportunity cost is the cost of the last alternative.

In a competitive market...............

Raw materials supplied by nature are called

All of these are a function of business EXCEPT

Fixed costs must be paid even if a company has no sales.

The forces of supply and demand determine....

Which of the following would NOT be considered a capital resource?

In the US economy, the roles of the government include

Natural Resources are not limited in supply.

Capital resources include buildings and equipment.

Economic resources are Not the factors of production.

At the equilibrium price, supply is...................