Business Essentials 2.03 & 2.04

Which type of economy does the government own the basic means of production, but also allow some private business ownership?

• 
  socialism

• 
  communism

• 
  command

• 
  entrepreneurship

This particular type of economy is based on public or governmental ownership of the production and distribution of goods?

• 
  mixed

• capitalist

• 
  traditional

• 
  socialist

Who determines how basic economic questions are answered within a socialist type of economic system?

• 
  resources

• 
  government

• 
  retailers

• 
  products

Which economic system that is least likely to adopts the new ideas or improvements?

• market.

• 
  socialist.

• 
  communist.

• traditional.

What is the economic basis for the private enterprise economic system?

• 
  manufacturer supply chain

• 
  competition

• 
  the motive of profit

• 
  the marketplace

A small business is defined as a business employing fewer than how many people?

• 
  1,500

• 
  500

• 
  750

• 
  1,000

Which factor is a barrier to small-business and entrepreneurial success?

• 
  poor management

• having a surplus of employees

• 
  having a clear strategic vision

• 
  no vision for expansion