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

a combination of other economies and some government rules

has regulations with a some freedom to make what you want

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

Entrepreneurship and Economic Systems Flashcards | StudBud