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Define the following terms:

Quiz by Nekeisha King

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10 questions
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  • Q1
    Which term refers to someone who starts and operates a business?
    economics
    venture
    entrepreneurship
    entrepreneur
    30s
  • Q2
    Which term refers to the economic system where individuals and businesses have the freedom to operate and make their own decisions?
    monopoly
    free enterprise system
    scarcity
    oligopoly
    30s
  • Q3
    What term refers to the resources used in the production of goods and services?
    factors of production
    oligopoly
    market structure
    monopoly
    30s
  • Q4
    What is the term for a market structure where there is only one seller with no close substitutes?
    Services
    Goods
    Oligopoly
    Monopoly
    30s
  • Q5
    What is the term for the difference between total revenue and total cost in a business?
    profit
    venture
    market structure
    scarcity
    30s
  • Q6
    What is the term for the process of starting and operating a new business venture?
    monopoly
    scarcity
    venture
    entrepreneurship
    30s
  • Q7
    What is the term for tangible items that are produced to satisfy wants and needs?
    services
    profit
    venture
    goods
    30s
  • Q8
    Which term refers to intangible activities performed to satisfy wants and needs?
    venture
    goods
    services
    profit
    30s
  • Q9
    Which term refers to a market structure where a small number of large firms dominate the industry?
    Free enterprise system
    Economics
    Entrepreneurial
    Oligopoly
    30s
  • Q10
    What is the term for the basic economic problem of limited resources and unlimited wants?
    monopoly
    oligopoly
    scarcity
    market structure
    30s

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