ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The quantity of goods and services, consumers are willing to buy at a specific price.
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Individuals and businesses are free to own and trade goods and invest in businesses.
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An incentive that encourages entrepreneurs to take business risks in the hope of making a profit.
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An economic system that blends elements of the command economy and the market economy.
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Detailed explanation-1: -Any economy is capitalist as long as private individuals control the factors of production. A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.
Detailed explanation-2: -Capitalism is an economic system in which private individuals or businesses own capital goods. At the same time, business owners (capitalists) employ workers (labor) who only receive wages; labor does not own the means of production but only uses them on behalf of the owners of capital.
Detailed explanation-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-4: -It promotes and encourages businesses and private individuals to own capital goods. The main characteristics of this system include private ownership, the motive for profit, the ability for businesses to compete in the free market, and minimal intervention in government.