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entrepreneurship 2-3
| Question | Answer |
|---|---|
| A problem a nation might attempt to solve through its economic system | A limited supply of goods and services |
| The equilibrium price is: | The price at which supply equals demand |
| Profit is beneficial to entrepreneurs because: | Profit builds wealth and financial independence |
| A market economy is also called: | Capitalism OR Free Enterprise System |
| The profit motive is: | A reason entrepreneurs take on business risks |
| Which of the following statements about competition is false? | Competition between suppliers drives prices upward |
| Important and exporting are activities primarily associated with: | The economics of one unit |
| The economics of one unit is a calculation of: | The profit or loss associated with a unit of sale |
| The United States economy is best described as: | A mixed economy in which suppliers and consumers play the primary role. |
| Which of the following challenges poses a business risk to entrepreneurs who want to conduct international trade? | Tariffs that must be paid to import goods; Cultural differences between nations; Trade barriers |
| A nonprofit organization: | Must use any profit it earns to further its social mission |
| A local economy is best described as: | The flow of goods and services within a community. |
Created by:
Traceyshea