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Entrepreneurship Chapter 3 Review Flashcards | StudBud
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Entrepreneurship Chapter 3 Review
Products you can see and touch are called?
The 3 types of economic resources are called
Entrepreneurship Chapter 3 Review
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1
The 3 types of economic resources are called
production hierarchies
factors of production
Factors of consumption
supply curves
2
Products you can see and touch are called?
services
intangibles
goods
all of these
3
Raw materials supplied by nature are called
capital resources
natural resources
monetary resources
human resources
4
The functions of business operate independently of each other.
False
True
5
Variable costs are $1.35, how much would fixed costs increase if 30 units were added.
$40.50
$40.25
none of theses
$202.50
6
Scarcity exists because
resources are limited
There are too many people in the world
There are different types of economies
Some products are expensive to produce
7
In the US economy, the roles of the government include
Provider of Public Goods
Regulator
All of these
Purchaser
8
Setting business goals would be considered a primary function of.....................
managment
production
finance
marketing
9
The role of business is to produce and distribute goods and services that people want and need.
False
True
10
In a competitive market...............
supply will never equal demand
there is a monopoly
there is no competition
buyers can shop around for the best deal
11
A demand curve shows that the quantity consumed.................
is not affected by price
decreases as price decreases
increases as price increases
increases as price decreases
12
Scarcity occurs
only in mixed economices
in every economy
only in traditional economies
only in a command economy
13
Fixed costs must be paid even if a company has no sales.
False
True
14
Economic resources are Not the factors of production.
True
False
15
A supply curve shows that the quantity produced....
decreases as price decreases
increases as price decreases
increases as price increases
decreases as price increases
16
In the US economy, entrepreneurs...
help change the way people live
fulfill consumers' wants and needs
provide employment
all of these
17
In a market economy, individual choice.....
does not influence how items are produced
creates the market for a good or service
has not effect on production
creates scarcity
18
Fixed costs of a business...
Do not include the cost of insurance
are based on the price of supplies
includes monthly rent
include advertising costs
19
The forces of supply and demand determine....
all of theses
whether the government controls price
price in a command economy
price in a market economy
20
All of these are a function of business EXCEPT
Management
Finance
Opportunity Cost
Production
21
Natural Resources are not limited in supply.
Ture
False
22
Needs and wants are unlimited.
True
False
23
I am ready for this test tomorrow!!
True
False
Uncertain
24
At the equilibrium price, supply is...................
equal to demand
at a minimum
Greater than demand
at its highest point
25
Marginal benefit measures the advantage of producing one additional unit.
False
True
26
When a company controls the market it is called a monopoly.
False
Ture
27
Capital resources include buildings and equipment.
False
True
28
Which of the following would NOT be considered a capital resource?
Equipment
Employees
Tools
Buildings
29
Opportunity cost is the cost of the last alternative.
False
True
