Entrepreneurship: Business Economics

What is an example of a monoply?

• A local bakery

• The electricity company in region

• A coffee shop

• A sneaker store

What economic system is based on a private business ownership with little government control?

• Command Economy

• Capitalism

• Socialism

• Mixed Economy

Which of the following is a variable cost for a bakery?

• Rent

• Monthly loan payments

• Flour and sugar costs

• Insurance payments

What happens when two gas stations lower their prices to attract customers?

• Price Competition

• Non price competition

• Monopoly

• Fixed Cost

What does a break even point mean?

• A business is making more revenue than expenses

• A business earns just enough to cover costs

• A business is operating at a loss

• A business is expanding

What happens when demand is high but supply is low?

• Prices decrease

• Prices stay the same

• Price Increase

• The government takes control

Which of these is an example of an import?

• A U.S. company sells oranges to Canada

• A U.S. company buys coffee from Colombia

• A local store sells handmade candles

• The government taxes a business

What term describes giving up on one option in order to choose another?

• Fixed Cost

• Opportunity Cost

• Public Good

• Oligopoly

Which economic system has total government control over businesses?

• Market Economy

• Mixed Economy

• Command Economy

• Free Enterprise

Which country is an example of a mixed economy?

• North Korea

• Sweden

• Canada

• Japan