Business Study1

Topics: Entrepreneur, Entrepreneurship, Economics Pages: 3 (634 words) Published: October 17, 2014

Lesson 1 (3.0 points)

1. What is an entrepreneur? (0.5 points)
An entrepreneur is a person who starts his or her own business, instead of working for someone else.

2. How are business entrepreneurs and social entrepreneurs different? (1.0 points) A business entrepreneur sells products or services to make a profit and a social entrepreneur starts a business or organization that is meant to improve society in some way.

3. What are products? (0.5 points)
A product is something a person can create and sell to other people, such as a t-shirt, cake, or painting .
4. What are services? (0.5 points)
A service is something a person can do for other people, such as babysitting, tutoring, or landscaping.

5. What is a unit of sale? (0.5 points)
A unit of sale is the smallest chunk a product or service can be purchased in.

Lesson 2 (3.0 points)

1. What are producers? (0.5 points)
A producer is a person or company that produces or makes available a product or service.

2. What are consumers? (0.5 points)
A consumer is a person or company that buys a product or service.

3. What is an economy? (0.5 points)
An economy is the system of production, trade, distribution, and consumption of products and services in an area.

4. An economy is created by interactions between which two groups of people? (0.5 points) An economy is created by interactions between producers and consumers.

5. What are three of the common factors that make local economies different? (1.0 points) Location/Geography

Lesson 3 (3.0 points)

1. How does a country's GDP help you determine if its economy is strong or weak? (1.0 points) When the GDP increases, the economy is growing and becoming stronger. When it decreases, the economy is shrinking and becoming weaker.

2. How does an unemployment rate help you determine if an economy is strong or weak? (1.0 points) The unemployment rate is the percentage of people who don't...
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