The is the first of 3 quizzes that students can take online to review for the final.
Attempt to start a new business
Attempts to introduce a new product
Risks failure for financial gain
Has absolute control over the resources
A blow dryer
What will it cost ?
What to produce?
How to produce it?
For whom to produce?
The process of creating goods and services
The use of the four factors of production
The efficient use of productive resources
The specialization of productive inputs
A car wash
An oil exchange
By deciding what to purchase
By working for business
By becoming an entrepreneurs
By saving their money
Ease of raising money
Ease of establishment
Ease of management
Freedom from business income tax
Board of directors
Closest to the pure-market model
Individuals own and control almost all factors of production
Government intervention is limited
Profits are limited
Attribute economic growth to the Invisible Hand
Was one of the people to explain how the market operates in a pure economy
Believed producers must sell the right products for the most profit
Was the Founder of Socialism
Show the possible combinations of two products
Measure production combinations in terms of opportunity costs
Assumes that the amount of available resources will change with time
Assumes that resources and technology are being used most efficiently
Here's an interesting quiz for you.