Define The Word Demand.

The quantity of a good/service that consumers can buy

What is the equation to calculate the prime cost for an item?

Direct Material Cost + Direct Labor Cost = Prime Cost

What is the equation to Calculate a Countries GDP Per Capita??

Gross Domestic Product/Countries Population = GDP Per Capita

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Entrepreneurship Chapters 1&2 Review

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Chapters 1&2

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Questions 15

Answers

1
Define The Word Demand.
The quantity of a good/service that businesses can provide
Refers to giving something up to have something else
Activities that are consumed the same time they are produced
The quantity of a good/service that consumers can buy
2
When a government spends less than it takes is in what??
National Debt
Budget Deficit
Budget Surplus
3
What is shown on the graph??
Supply Curve
Market Price
Demand Curve
Lines
4
"Private ownership of resources by individuals, rather than the government" refers to what?
Traditional Economy
America
Market Economy
Capitalism
5
What is shown in the graph?
Demand Curve
Lines
Equilibrium
Market Price
6
What is the equation to calculate the prime cost for an item?
Direct Labor Cost / Direct Material Cost = Prime Cost
Direct Material Cost / Direct Labor Cost = Prime Cost
Direct Material Cost * Direct Labor Cost= Prime Cost
Direct Material Cost + Direct Labor Cost = Prime Cost
7
What is the equation to Calculate a Countries GDP Per Capita??
Countries Population/Gross Domestic Product = GDP Per Capita
Gross Domestic Product+Countries Population = GDP Per Capita
Gross Domestic Product*Countries Population = GDP Per Capita
Gross Domestic Product/Countries Population = GDP Per Capita
8
Calculate Italy's GDP Per Capita in USD. GDP= $2.307 Trillion Population= 62 Million
$38,000
$36,800
$37,100
$37,500
9
GDP stands for what?
God Doing Prayers
Gross Domestic Product
Go Down Piloting
Great Days Production
10
True or False: You Should Always Keep Track Of Your Pen.
False
Its Just A Pen. I Can Get Another One.
I Have Extra.
True
11
Market Price is what?
Supply>Demand
I Don't Know. It Just Happens.
Supply=Demand
Demand>Supply
12
True or False: A Bond can be considered an Investment Activity
False
True
13
What type of economy does America have?
Mixed Economy
MArket Economy
Command Economy
Traditional Economy
14
GDP Per Capita is also referred to as what?
Output Per Person
Gross Domestic Product
Annual Cost of Living
Strength of a Countries Economy
15
What are the 3 main kinds of Economic Resources
Gas, Wind, and Rain
Capital, Natural, and Human
All Of The Above
Manufacturing, Technology, and Infrastructure

Entrepreneurship Chapters 1&2 Review Flashcards | StudBud