Define the following terms:
Quiz by Nekeisha King
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10 questions
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- Q1Which term refers to someone who starts and operates a business?economicsventureentrepreneurshipentrepreneur30s
- Q2Which term refers to the economic system where individuals and businesses have the freedom to operate and make their own decisions?monopolyfree enterprise systemscarcityoligopoly30s
- Q3What term refers to the resources used in the production of goods and services?factors of productionoligopolymarket structuremonopoly30s
- Q4What is the term for a market structure where there is only one seller with no close substitutes?ServicesGoodsOligopolyMonopoly30s
- Q5What is the term for the difference between total revenue and total cost in a business?profitventuremarket structurescarcity30s
- Q6What is the term for the process of starting and operating a new business venture?monopolyscarcityventureentrepreneurship30s
- Q7What is the term for tangible items that are produced to satisfy wants and needs?servicesprofitventuregoods30s
- Q8Which term refers to intangible activities performed to satisfy wants and needs?venturegoodsservicesprofit30s
- Q9Which term refers to a market structure where a small number of large firms dominate the industry?Free enterprise systemEconomicsEntrepreneurialOligopoly30s
- Q10What is the term for the basic economic problem of limited resources and unlimited wants?monopolyoligopolyscarcitymarket structure30s