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Rutiri-Entrep. Chap2

Importance of Entrepreneurship in the Economy & Thinking Globally, Acting Local

QuestionAnswer
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.
What is Command Economy? The government controls the production, allocation, and prices of goods and services.
What country is an example of Command Economy? Currently only Burma, China, Cuba, Iran, Libya, North Korea, and Saudi Arabia have full command economies.
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.
What is a Mixed Economy? An economic system that blends elements of the command economy and the market economy.
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.
Which countries used Mixed Economy? US & countries in the UK
What is Voluntary Exchange? A transaction in which both supplies and consumers believe they benefit.
What does Free Enterprise System mean? An economic system in which private business operates in competition and largely free of state control.
What does Enterprise mean? A business where people are free to own or operate.
What is meant by the word capital? Another name for the cash and goods a business owns.
What is meant by Capitalism? It is a Market economy or free enterprise system.
What does Supply mean? The quantity of goods and services a business is willing to sell at a specific price and a specific time.
What does Demand mean? The quantities of goods and services consumers are willing to buy at a specific price and specific time.
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.
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.
What is a Supply & Demand Curve? Is a graph that includes both a supply curve and a demand curve.
What is an Equilibrium Point? It is where the supply curve and the demand curve intersect.
What is Equilibrium Quantity? The quantity at which the supply equals the demand.
What is the Equilibrium Price? The price at which supply equals demand.
What is Profit Motive? An incentive that encourages entrepreneurs to take business risks in the hope of making a profit.
What is an Economics of one unit? A calculation of the profit ( or loss) for each unit of sales made by a business.
What is a Nonprofit organization? Operates solely to serve the good of society.
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?
How does supplier competition benefit consumers? Its gives the suppliers the opportunity to make money making products for the consumers.
What is the purpose of the profit motive? Motivates entrepreneurs to take risks.
How is profit used by a nonprofit organization? To benefit the good of community and society.
What is a Global Economy? The flow of goods and services around the whole world.
What is Exporting? The business activity in which goods or services are sent from a country and sold to foreign consumers.
What is Importing? The business activity in which goods and services are brought into a country from foreign suppliers.
What products and from which countries did Mrs. Rutiri import to the US? Cell Phone bags from Vietnam, Pearls from China
What is a trade barrier? A governmental restriction on international trade.
What is an example of a trade regulation on importing products from another country? All products must be labeled from the country of origin.
What is a Tariff? A fee, similar to a tax, that importers must pay on the goods they import.
What is a Quota? It is a limit on the quantity of a product that can be imported into a country.
What is a Foreign Exchange Rate? The value of one currency unit in relation to another.
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.
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.
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.
What is a unit of sale? One product or one service
An example of retail's one unit of item? one diamond ring
What is COGS? Cost of Goods Sold
Selling price per unit minus COGS equals what? Gross Profit
Created by: eva_rutiri
 

 



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