ECON_Chapter 3: American Free Enterprise
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41 questions
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- Q1the incentive that drives individuals and business owners to improve their material well beingprofit motive30s
- Q2the principle that anyone can compete in marketplaceopen opportunity30s
- Q3the principle that everyone has the same legal rightslegal equality30s
- Q4the principle that people have the right to control their possessions and use them as they pleaseprivate property rights30s
- Q5the principle that people may decide what agreements they want to enter intofree contract30s
- Q6the principle that people may decide what agreements they want to entervoluntary exchange30s
- Q7the right of a government to take private property for public useeminent domain30s
- Q8the concerns of a society as a wholepublic interest30s
- Q9laws requiring companies to provide information about their products or servicespublic disclosure laws30s
- Q10This motive encourages innovation and is the basis for why people do what they do economically is to make a profithow is the profit motive the driving force of the American economy30s
- Q11AS a consumer i decide what companies make and i have the ability to move between classesHow do the decisions you make as a consumer affect economy30s
- Q12People can determine their own pricing and who and what they trade for. making a push for certain productshow does the principle of voluntary exchange promote competition30s
- Q13the study of economic behavior and decision making in a nation's whole economymacroeconomics30s
- Q14the study of the economic behavior and the decision making in small units such as households and firmsmicroeconomics30s
- Q15the total value of all final goods and services produced in a country in a given yeargross domestic product30s