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Economics Chapter 3

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