Private Enterprise and Business Ownership

The United States is often referred to as a ___________ because individuals, not the government, own the majority of the resources.

Public system

Private system

Institutional system

Planned system

Discounts, coupons, rebates and specials are all examples of _________.

A monopoly

Price competition

A franchise

A market economy

An oligopoly is...

A lot of small businesses in a market where few consumers want or need those firms' products.

A lot of large businesses in a market where many consumers want or need those firms' products.

Few small businesses in a market where few consumers want or need those firms' products.

Few large businesses in a market where many consumers want or need those firms' products.

The money left after paying the expenses of doing business is called _____________.

The opportunity cost

Revenue

Taxes

Profit

An individual who takes the risk of starting a new business is called a(n) _________.

Employee

Entrepreneur

General partner

Stockholder

A business owned by two or more persons is called a(n) _________.

Enterprise

Corporation

Partnership

Entrepreneurship

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