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Business and Economic Concepts

Business and Economic Concepts

Assessment

Flashcard

Business

5th Grade

Practice Problem

Easy

Created by

Demetrius Tillery

Used 1+ times

FREE Resource

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24 questions

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1.

FLASHCARD QUESTION

Front

An individual who starts their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.

Back

Entrepreneur

2.

FLASHCARD QUESTION

Front

The creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.

Back

Entrepreneurship

3.

FLASHCARD QUESTION

Front

An economic system in which private business operates in competition and largely free of state control. Freedom of private business to operate. (Government is barely involved)

Back

Free Enterprise

4.

FLASHCARD QUESTION

Front

An economic system based on supply and demand. (Little to no government is involved)

Back

Free Market

5.

FLASHCARD QUESTION

Front

An economic and political system in which a country's trade and industry are controlled by private owners for profit. (Government is heavily involved)

Back

Capitalism

6.

FLASHCARD QUESTION

Front

A system of value that facilitates the exchange of goods in an economy. (Value; IT IS A TOOL).

Back

Money

7.

FLASHCARD QUESTION

Front

The objective analysis and evaluation of an issue in order to form a judgment.

Back

Critical Thinking

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