Chapter 2 Entrepreneurship Review

______are activities that are consumed as they are produced

Marginal benefit measures the advantage of producing _______more unit of a good or service

China is a

Products you can see or touch are called

A market economy is based on

The main goal of business is...

What is the economic system in the United States?

The people who create good and services are called ______resources

When a market is dominated by a group of businesses that gain the most sales it is a __________

As the price of good or services decreases _______are willing to purchase more

Setting goals would be a function of .........

When you choose one thing over another you have made an ________cost

All of the following are needs except for

A ________is an economy where the government allocates goods and services

As the price of goods or services increases_______are willing to produce more

Successful entrepreneur are _______oriented

Entrepreneurs make business decisions based on the concepts of marginal benefit and ______cost

Who is credited with the Hierarchy of Needs Pyramid?

The rivalry amount businesses to sell goods and services is called competition

The four functions of business are production, marketing, management and......

Equilibrium occurs when

The top of the Hierarchy of Needs Pyramid is....

Traditional economies are used in undeveloped countries

The marking mix has 4 p's they are all except the follwing

A demand curve slope is

All of the following are natural resources except

A supply curve slope

Variable costs are things that change with every situation