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Entrepreneurship Chapter 1

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1.
1 point
The process of recognizing an opportunity.
2.
1 point
The study of how people allocate resources.
3.
1 point
A question of the economic system: What goods and services should be __________________.
4.
1 point
A question of the economic system: What ____________ of goods should be produced?
5.
1 point
A question of the economic system: ____ should goods and services be produced?
6.
1 point
A question of the economic system: For _______ should goods and services be produced?
7.
1 point
In a free enterprise system, people can choose:
8.
1 point
The nature and degree of competition among businesses.
9.
1 point
When one seller controls supply or demand.
10.
1 point
When there are just a few competing firms.
11.
1 point
The money left over after expenses have been paid
12.
1 point
Tangible products
13.
1 point
A bottle of milk is a _____________
14.
1 point
A haircut is a ______________
15.
1 point
A freeze took place and Florida lost it's grapefruit crop. The result was ______________ in the fruit market.
16.
1 point
Over 400,000 people are waiting for the next XBox to come out. This is _______________
17.
1 point
Coca Cola raised it's price by .25. As a result, more customers wanted Pepsi instead of Coke. This is _______________
18.
1 point
The local barber raised his price for a haircut by $2.00. He neither lost nor gained customers.
19.
1 point
People in Kansas City quit buying as many hamburgers. McDonalds lowered it's price to .30 a burger but still could not sell more burgers.
20.
1 point
Everyone has eaten all the hamburgers they want and the restaurant does not have to throw any unsold ones out.
21.
1 point
In the year 2011, the United States produced $300,000,000 worth of goods and services.
22.
1 point
From 1920-2020, the Coca Cola company expanded for 30 years and then experienced a steep decline followed by a period of stability and then another expansion
23.
1 point
Robert lives in an area where he can write off $1000 if he opens a business.
24.
1 point
Buckley Company went bankrupt and all the people who founded it lost all their investment.
25.
1 point
Bob has decided to open a barbershop. He is certified, has a building, chairs, clippers, sinks, and signs.
26.
1 point
Richard has an idea. He can bake cupcakes at home and sell them on the corner.
27.
1 point
In 2009, Sarah closed "Sarah's Beauty Shop". She reopned a new busines called "Sarah's Salon"
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