Importance of Entrepreneurship in the Economy & Thinking Globally, Acting Local
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| What is economics? | A social science concerned with how people satisfy their demands for goods and services when the supply of those goods and services is limited.
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| What is Command Economy? | The government controls the production, allocation, and prices of goods and services.
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| What country is an example of Command Economy? | Currently only Burma, China, Cuba, Iran, Libya, North Korea, and Saudi Arabia have full command economies.
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| What is a Market Economy? | Supplies and consumers control the production, allocation, and prices of goods and services. That means production of goods and services are regulated by the laws of supply and demand.
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| What is a Mixed Economy? | An economic system that blends elements of the command economy and the market economy.
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| What is an example of a Mixed Economy? | The United States is one of the best examples of a mixed economy. This means that there is a mix between free enterprise and what the government controls.
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| Which countries used Mixed Economy? | US & countries in the UK
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| What is Voluntary Exchange? | A transaction in which both supplies and consumers believe they benefit.
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| What does Free Enterprise System mean? | An economic system in which private business operates in competition and largely free of state control.
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| What does Enterprise mean? | A business where people are free to own or operate.
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| What is meant by the word capital? | Another name for the cash and goods a business owns.
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| What is meant by Capitalism? | It is a Market economy or free enterprise system.
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| What does Supply mean? | The quantity of goods and services a business is willing to sell at a specific price and a specific time.
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| What does Demand mean? | The quantities of goods and services consumers are willing to buy at a specific price and specific time.
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| What is meant by a Supply Curve? | Shows on a graph the quantity of a product or service a supplier is willing to sell across a range of prices over a specified period of time.
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| What is meant by a Demand Curve? | Shows on a graph the quantity of a product or service consumers are willing to buy across a range of prices over a specified period of time.
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| What is a Supply & Demand Curve? | Is a graph that includes both a supply curve and a demand curve.
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| What is an Equilibrium Point? | It is where the supply curve and the demand curve intersect.
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| What is Equilibrium Quantity? | The quantity at which the supply equals the demand.
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| What is the Equilibrium Price? | The price at which supply equals demand.
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| What is Profit Motive? | An incentive that encourages entrepreneurs to take business risks in the hope of making a profit.
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| What is an Economics of one unit? | A calculation of the profit ( or loss) for each unit of sales made by a business.
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| What is a Nonprofit organization? | Operates solely to serve the good of society.
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| What are the four fundamental questions of economics? | What goods and services are produced? What quantity of goods and services are produced? How are goods and services produced? For whom are goods and services produced?
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| How does supplier competition benefit consumers? | Its gives the suppliers the opportunity to make money making products for the consumers.
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| What is the purpose of the profit motive? | Motivates entrepreneurs to take risks.
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| How is profit used by a nonprofit organization? | To benefit the good of community and society.
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| What is a Global Economy? | The flow of goods and services around the whole world.
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| What is Exporting? | The business activity in which goods or services are sent from a country and sold to foreign consumers.
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| What is Importing? | The business activity in which goods and services are brought into a country from foreign suppliers.
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| What products and from which countries did Mrs. Rutiri import to the US? | Cell Phone bags from Vietnam, Pearls from China
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| What is a trade barrier? | A governmental restriction on international trade.
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| What is an example of a trade regulation on importing products from another country? | All products must be labeled from the country of origin.
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| What is a Tariff? | A fee, similar to a tax, that importers must pay on the goods they import.
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| What is a Quota? | It is a limit on the quantity of a product that can be imported into a country.
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| What is a Foreign Exchange Rate? | The value of one currency unit in relation to another.
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| What is Fair Trade? | A policy of ensuring that small producers in developing nations earn sufficient profit on their exported goods to improve their working, environmental, and social conditions.
9. Local Economy: covers a limited area, such as a community or town.
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| Name three challenges entrepreneurs face in international trade? | Have to learn various monetary systems of foreign countries, you must learn government regulations relating to exporting and importing, and you have to consider the cultural factors.
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| List four ways an entrepreneur can help his or her local economy? | Purchasing materials and supplies from local merchants, opening an account at a local bank, Invest money into a local business, and Donate money, time or goods to local charities and organizations.
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| What is a unit of sale? | One product or one service
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| An example of retail's one unit of item? | one diamond ring
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| What is COGS? | Cost of Goods Sold
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| Selling price per unit minus COGS equals what? | Gross Profit
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