Chapter 2 POB/Entrepreneurship

Which is an example of a need?

Entrepreneurship thrives in a command economy.

The rent a business owner pays for office space is a fixed cost.

How does competition benefit consumers?

Your needs and wants

___ exists when there is only one provider of a good or service

Individuals and businesses decide what, how, and for whom to produce goods and services in

Demand is probably MOST inelastic for which of the following items?

Generally, as the price of a product decreases, demand will also decrease

The private ownership of resources by individuals rather than the government is