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Economics
Entrepreneurs
Business
Self-Assessment
Supply and Demand
100
What is another name for economy?
Economic System
100
An entrepreneur creates and runs their own business where they produce ______ or _________ to make money.
goods (products) or services
100
Name the four types of businesses
retail, wholesale, manufacturing; service
100
____________________ is when you evaluate your strengths and weaknesses.
self-assessment
100
When there are not enough goods and services, the result is a ___________ of those goods and services.
scarcity
200
Economics is a social science concerned with how people satisfy their ________ for goods and services.
Demand
200
Most of us earn a living by working in a ___________
business
200
To gain a sense of what business is like your can take a(n) __________ or __________
internship or apprenticeship
200
Self-assessment helps you maximize your ________ and strengthens your __________.
strong points (or strengths) and weaknesses
200
_________ is the quantity of goods and services a business is willing to sell at a specific time and price.
supply
300
Economics is all about the flow of _______ and ________ between people.
goods and services
300
____________ work for someone else.
employees
300
__________ entrepreneurs start successful businesses again and again.
Serial
300
_______ is a way of viewing or thinking about something that affects how you feel about it and __________ is a natural ability to do a particular type of work or activity well.
attitude aptitude
300
__________ is the quantity of goods and services consumers are willing to buy at a specific time and price.
demand
400
Name at least two of the "Four Fundamental Questions of Economics"
- What goods and services are produced? - What quantity of goods and serv. are produced? - How are goods and services produced? - For whom are goods and services produced?
400
Most entrepreneurs start _______ businesses vs _________ businesses ensure success gradually.
small big (large)
400
Name the type of business for each job description: farmer teacher swimming coach bus driver
manufacturing service service service
400
Name 3 personal characteristics needed to be a successful entrepreneur.
courage enthusiasm creativity flexibility curiosity honesty determination patience discipline responsibility empathy
400
People go into business to make a ____________.
profit
500
________ produce whatever goods and services they wish and set prices based on consumers willingness to pay.
suppliers
500
There are rewards and risks to being an entrepreneur. Name 3 rewards and 3 risks.
rewards: making your own rules; doing what you enjoy; creating greater wealth; helping your community risks: potential business failure; unexpected obstacles; financial insecurity; long hours; hard work
500
____ % of all new jobs are created by small businesses.
64
500
List 3 skills that entrepreneurs need.
business skills communication skills computer skills decision-making skills problem-solving mathematical skills organizational people skills
500
There are three types of economic systems. One is a mixed economy. Name the other two (2).
command economy market economy