Key Concepts.docx - Key Concepts 2.Define the role of small business and entrepreneurships in the economy Answer An entrepreneur is an individual who

Key Concepts.docx - Key Concepts 2.Define the role of small...

This preview shows page 1 - 2 out of 2 pages.

Key Concepts 2.Define the role of small business and entrepreneurships in the economy. Answer- An entrepreneur is an individual who undertakes the creation, organization, and ownership of an innovative business. 3.Compare and Contrast economic systems. Answer- Economic system refers to the ways in which goods and service are produced and consumed. 4.Explain how economics is about making choices. Answer-Individuals are able to choose what products to buy,individuals may own private property, and individuals may start a business and compete with other business. 5. Define the role of economic indicators and business cycles. Answer-The Gross Domestic Product is an example of an economic indicator and is used to understand the state of the economy A business cycle refers to the periodic expansion and contraction of the economy.
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes