Entrepreneurship and the Free Enterprise System Quiz
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Questions and Answers

Which of the following is a characteristic of the free enterprise system?

  • Limited resources
  • Equal distribution of wealth
  • Government control over economic choices
  • People have the right to start a business and compete with other businesses (correct)

What is the primary incentive in a free enterprise system?

  • Making profit (correct)
  • Equal distribution of wealth
  • Limited resources
  • Government control over economic choices

What does the term 'entrepreneur' refer to?

  • A person who sets up a business with an aim to make profit (correct)
  • A person who anticipates needs and brings good new ideas to the market
  • A person who bears most of the risks and enjoys the rewards
  • All of the above

What is the difference between demand and supply?

<p>Demand refers to the quantity of products consumers are willing to buy, while supply refers to the quantity of products producers are willing to sell (B)</p> Signup and view all the answers

What is considered as one of the resources integral to production?

<p>Goods and services (C)</p> Signup and view all the answers

Which of the following is a key characteristic of the free enterprise system?

<p>Making profit is its primary incentive (A)</p> Signup and view all the answers

What is the role of an entrepreneur in a business?

<p>To anticipate needs and bring good new ideas to the market (C)</p> Signup and view all the answers

What is the difference between demand and supply?

<p>Demand refers to the quantity of goods and services consumers are willing to buy (A)</p> Signup and view all the answers

What is considered as one of the integral resources to production?

<p>Money (A)</p> Signup and view all the answers

What important rights do people have in a free enterprise system?

<p>All of the above (D)</p> Signup and view all the answers

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