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Economics Chapter 3
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What gives people and businesses the opportunity to make their own decisions?
 
Economic Freedom
 
Command Economy
 
Free Enterprise
 
Profit Motive
The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and _____________.
 
Free Enterprise
 
Competition
 
Limited government
 
Economic Freedom
3. Between 2007 and 2009, the U.S. went through a difficult economic period called the
 
The Great Recession
 
The Great Depression
 
The Financial Recession
 
The Severe Depression
7. In its role as a regulator, what is the government’s primary responsibility?
 
It establishes laws and rules to maintain compeition
 
It interferes with business only when it is profitable
 
It tells businesses what to produce and sell
 
It takes a "hands off" approach to business
Consumers can influence the production and sale of goods by ._____________
Voting with their dollars- based on the consumption choices
The phrase “the customer is always right” is most often associated with what term?
 
Consumer Sovereignty
 
Mixed Economy
 
Regulatory Government
 
Entrepreneurship
Which of the following is currently considered one of the seven major economic and social goals in the United States?
 
Price Stability
 
Clean Environment
 
Conservation
 
Preserving endangered species
Inflation causes people to___________
 
work more to pay for basic necessities
 
work the same hours for same pay
 
take more time off work
 
spend less for the same amount of goods and services
What is the name of the federal health insurance program for senior citizens?
 
Medicare
 
Medicaid
 
Social Security
 
Social care
What is an unfortunate consequence of growth under free enterprise capitalism?
income inequality - environmental damage - market instability
U.S. culture is characterized by strong consumerism, explain the impact on the US goal of economic efficiency
Consumerism has led overuse of resources and excessive waste. Businesses produce for consumers wants impacting the environment.New tech created to combat impact
Explain why competition in the market place is good for consumers
lower prices, innovation
Name the two of the four roles government has in a modified free enterprise economy
Protector, Provider, Regulator, Consumer
Voluntary exchange is
Buyers and sellers may freely and willingly in market transactions
Producers and sellers fight with one another to attract consumers, while lowering costs is _____________________
Competition
People may control their possessions as they wish is ______________
Private Property Rights
What is economic freedom?
People may choose their jobs, employers, and how to spend their money. Businesses may choose what products to sell and how much to charge for them.
Explain the relationship between government, entrepreneurs and consumers in a modified free enterprise economy
the gov is a regulator/protector/provider, entrepreneur’s the risk-taker in search of profits, and the consumer’s the one who dictates what products are sold
Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or ____.
 
disability
 
political views
 
status
 
income
What have some states done to protect workers from adverse economic events such as layoffs and illnesses?
 
They set up unemployment compensation programs.
 
They set up support groups.
 
They provided every worker with insurance.
 
They gave workers more time off.
The people who organize and manage land, labor, and capital are ____.
 
entrepreneurs
 
franchises
 
socialists
 
bureaucrats
Which of the following services does the federal government provide
 
national defense
 
libraries
 
sanitation
 
education
In a free enterprise economy, who ultimately decides what gets produced?
 
consumers
 
business owners
 
the government
 
companies
Which of the following is largely responsible for the growth of a free enterprise system?
 
market efficiency
 
Gross Domestic Product
 
profit motive
 
government
____________ protect consumers against harm from products on the market.
 
Government regulations
 
Franchises
 
Private property rights
 
Profit motives
The economic system of the United States is considered a ____.
 
free market capitalist economy
 
command economy
 
socialist economy
 
traditional economy
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
economic system with a combination of command, traditional, and market economies
mixed
struggle between sellers to attract consumers
competition
lowest legal wage that can be paid to most workers
minimum wage
someone who organizes and manages land, labor and capital to make a profit
entrepreneur
federal program retirement benefit that covers most work people
social security
the role of the consumer as ruler of the market
consumer sovereignty
rise in the general level of prices
inflation
driving force that encourage people to improve their material well-being
profit motive
Market economy in which people freely carry on economic affairs but are subject to some regulation
modified free enterprise - modified capitalism
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