Chapter 3 Vocabulary Quiz

What is the definition of Private property? Choose the correct answer.

• any good that is owned by an individual or a business

• A property accessible throughout the program

• A property available to external components

• A property that is shared among multiple classes

Definition of Public property:

• Property owned by the government for public use.

• Property owned by a private individual.

• Property exclusively for commercial profit.

• Property that is inherited.

Definition of Household

• an economic unit of one person or more that sells resources and buys goods and services

• A legally recognized entity distinct from the individuals.

• A set of belongings owned by a family.

• A type of residential building.

Circular flow of economic activity is defined as

• the economic relationships that exist between different economic groups in an economy

• A process where money flows only in one direction.

• An economic cycle restricted to government transactions.

• Flow of production inputs and outputs limited to domestic markets.

Profit is defined as:

• the amount of money left over after all the costs of production have been paid

• Revenue is the total income generated by an organization

• Profit is the financial loss incurred when expenses exceed revenues

• Profit is the amount earned solely through sales

Loss:

• A measure used to quantify the difference between predicted and actual values.

• A training algorithm for optimizing models.

• the amount of money by which total costs exceeds total revenue

• A method of data augmentation during training.

Definition of Ethics is:

• people being bad

• A branch of science that studies matter

• A system to determine fashion trends

• the principles of conduct, such as right and wrong, morality and immorality, good and bad

Entrepreneur is defined as

• A person who inherits a company

• A person who merely invests in businesses

• a person who has a special talent for searching out and taking advantage of new business opportunities

• A person who solely seeks employment in an established firm

What is the definition of Contract?

• an agreement between two or more people to do something

• A unilateral promise without any legal obligations.

• An informal conversation without commitments.

• A casual agreement that is not enforced by law.

Definition of Private good:

• a good of which one person's consumption takes away from another person's consumption

• A good that is non-excludable and non-rivalrous.

• A good that is excludable but non-rivalrous.

• A good that is non-excludable but rivalrous.