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Entrepreneurship Ch 2.1 Flashcards | StudBud
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Entrepreneurship Ch 2.1
Entrepreneurship Ch 2.1
12 terms
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StudBud Administration
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Questions are pulled from the Owning Your Future Entrepreneurship textbook
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
This guy runs what kind of economic system
command economy
market economy
free enterprise
socialist
2
Facebook is a non-profit organization
True
False
3
In what kind of economy can one set prices based on what customers are willing to pay?
command economy
market economy
4
Who plays the central role in economics
money
needs
people
social
5
Who created the hierarchy of needs
Craig
Darwin
Maslow
Freud
6
A transaction in which both suppliers and consumers believe they benefit
voluntary exchange
exchange
medieval exchange
7
The profit motive states that entrepreneurs should not seek to make money
True
False
8
Supply deals with the customer
False
True
9
The market economy is also known as the free enterprise system
True
False
10
"How are goods and services produced" is a fundamental question of economics
True
False
11
What happens when a supplier lowers their price
typically people buy from them
typically you should run from them
typically they will raise the price
typically they will lower it again
12
The American Red Cross is a for profit business
True
False
