In the United States, people own their own businesses. This is known as a _______________ ___________________ system.
What is free enterprise?
100
All choices have an opportunity cost because _____________________.
What is every choice makes a person give up something else? For example, if you choose to got to one movie, you are giving up going to the others. Another example...if you buy one video game you are giving up the opportunity to buy another video game.
200
How goods and services are made, distributed, and used.
What is economics?
200
An economic term that relates the selling price of goods to how much people are willing to pay for them.
What is supply and demand?
200
If you buy candy and then sell it to someone else for more money than you paid for it, you...
What is make a profit?
200
A business makes goods or provides services to others. You are going to start a business. Identify the four factors of production.
What are land, labor, capital goods, and entrepreneurship?
200
Identify one land resource of a pizza restaurant.
What is land to place the building, cheese, flour, meat for toppings, and other natural resources?
300
Money paid to an employee?
What is salary or wage?
300
Selling goods and services through TV, radio, the Internet, etc..
What is advertising?
300
An example of a consumer is...
What is anyone who buys or purchases a good or service?
300
The study of how people produce, sell, and buy goods and services that they need and want.
What is economics?
300
Define one labor resource for a pizza restaurant.
What is cashier, servers, delivery drivers, hostesses, clerks, etc.?
400
A person who works for wages.
What is an employee?
400
One way that people obtain income.
What is any job (nursing, teaching, construction work, farming, dentistry, office work, store clerk, etc.)?
400
State an example of a good.
What is any item that can be bought or sold (food, clothes, toys, electronics, etc.)?
400
________________________ is owning and running a business. These people start with an idea and the courage to start a business.
What is an entrepreneur?
400
The entrepreneurship resource of the pizza restaurant is...
What is the owner?
500
The money made after expenses are paid.
What is profit?
500
One way that people use income.
What is needs and wants (food, clothing, entertainment, etc.)?
500
Business owners usually hire other people, called ________________, to work for them.
What are employees?
500
There are four _________________ ___ _________________. These are land, labor, entrepreneurship, and capital goods.
What are factors of production?
500
A capital good productive resource of the pizza restaurant is...
What are cash registers, boxes, tables, chairs, ovens, pizza cutters, etc.?