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Market economy in which people freely carry on economic affairs but are subject to some regulation
modified free enterprise - modified capitalism
driving force that encourage people to improve their material well-being
profit motive
rise in the general level of prices
inflation
the role of the consumer as ruler of the market
consumer sovereignty
federal program retirement benefit that covers most work people
social security
someone who organizes and manages land, labor and capital to make a profit
entrepreneur
lowest legal wage that can be paid to most workers
minimum wage
struggle between sellers to attract consumers
competition
economic system with a combination of command, traditional, and market economies
mixed
One of the characteristics of a capitalist free enterprise economy is ____. A) the minimum wage B) consumerism C) voluntary exchange D) central planning
voluntary exchange
The economic system of the United States is considered a ____.
socialist economy
command economy
traditional economy
free market capitalist economy
____________ protect consumers against harm from products on the market.
Private property rights
Profit motives
Government regulations
Franchises
Which of the following is largely responsible for the growth of a free enterprise system?
government
Gross Domestic Product
profit motive
market efficiency
In a free enterprise economy, who ultimately decides what gets produced?
business owners
consumers
companies
the government
Which of the following services does the federal government provide
education
libraries
national defense
sanitation
The people who organize and manage land, labor, and capital are ____.
socialists
bureaucrats
franchises
entrepreneurs
