Economics and Entrepreneurship Exam Questions and Answers Latest Update Graded A+
Economics - Answers the study of how we make choices based on scarcity
Scarcity - Answers endless wants and needs but finite resources
Resource - Answers stock or supply of money, materials, staff, and other assets that can be drawn on by
a person or organization in order to function effectively.
Wants - Answers something that is an extra
Needs - Answers something you can't live without
Limited Resources - Answers the concept that quantities of labor, capital, land, materials, time, money,
energy are finite.
Good - Answers A physical items used to meet a want or need
Services - Answers an action or activity used to meet a want or need
Macroeconomics - Answers branch of economics concerned with the study of large scale economic
factors and the system as a whole.
Microeconomics - Answers branch of economics concerned with the study of individual households and
businesses
Shortage - Answers quantity demanded is greater than the quantity supplied at market prices
Sole Proprietorship - Answers an enterprise owned by one person
General partnership - Answers arrangement by which two or more individuals agree to share in all
assets, profits, and financial and legal liabilities of a jointly-owned business.
Limited partnership - Answers organization that limits the personal liability of some partners.
Limited liability - Answers allow for a partnership structure where each partner's liabilities are limited to
the amount they put into the business.
Capital - Answers the money it has available to pay for its day-to-day operations and to fund its future
growth
Franchise - Answers business whereby the owner licenses its operations—along with its products,
branding, and knowledge—in exchange for a franchise fee.
Royalties - Answers an amount paid by a third party to an owner of a product or patent for the use of
that product or patent.
Entrepreneur - Answers A person who undertakes the risk of starting a new business venture
Economics - Answers the study of how we make choices based on scarcity
Scarcity - Answers endless wants and needs but finite resources
Resource - Answers stock or supply of money, materials, staff, and other assets that can be drawn on by
a person or organization in order to function effectively.
Wants - Answers something that is an extra
Needs - Answers something you can't live without
Limited Resources - Answers the concept that quantities of labor, capital, land, materials, time, money,
energy are finite.
Good - Answers A physical items used to meet a want or need
Services - Answers an action or activity used to meet a want or need
Macroeconomics - Answers branch of economics concerned with the study of large scale economic
factors and the system as a whole.
Microeconomics - Answers branch of economics concerned with the study of individual households and
businesses
Shortage - Answers quantity demanded is greater than the quantity supplied at market prices
Sole Proprietorship - Answers an enterprise owned by one person
General partnership - Answers arrangement by which two or more individuals agree to share in all
assets, profits, and financial and legal liabilities of a jointly-owned business.
Limited partnership - Answers organization that limits the personal liability of some partners.
Limited liability - Answers allow for a partnership structure where each partner's liabilities are limited to
the amount they put into the business.
Capital - Answers the money it has available to pay for its day-to-day operations and to fund its future
growth
Franchise - Answers business whereby the owner licenses its operations—along with its products,
branding, and knowledge—in exchange for a franchise fee.
Royalties - Answers an amount paid by a third party to an owner of a product or patent for the use of
that product or patent.
Entrepreneur - Answers A person who undertakes the risk of starting a new business venture
