Business and Economic Concepts Quiz

What is an entity that operates to provide goods or services?

• Organization

• Business

• Economy

• Market

A person who starts and runs a business is called a(n):

• Entrepreneur

• Producer

• Consumer

• Labourer

What is the act of exchanging goods or services without using money?

• Trade

• Barter

• Specialization

• Exchange

The amount earned from selling goods or services is called:

• Profit

• Loss

• Capital

• Revenue

What is the study of how people produce, distribute, and consume goods and services?

• Economy

• Business

• Trade

• Market

A person or entity that produces goods or services is called a:

• Producer

• Consumer

• Labourer

• Entrepreneur

What is the process of buying and selling goods or services?

• Trade

• Exchange

• Market

• Economy

What is a system where goods or services are exchanged for other goods or services?

• Barter System

• Market System

• Economic System

• Trade System

What is a person or entity that uses goods or services?

• Consumer

• Producer

• Labourer

• Entrepreneur

What is a type of economic system where businesses produce goods or services to make a profit?

• Enterprise

• Business

• Economy

• Market