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ECON_Chapter 3: American Free Enterprise

Quiz by Vasquez_BGHS

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41 questions
Show answers
  • Q1
    the incentive that drives individuals and business owners to improve their material well being
    profit motive
  • Q2
    the principle that anyone can compete in marketplace
    open opportunity
  • Q3
    the principle that everyone has the same legal rights
    legal equality
  • Q4
    the principle that people have the right to control their possessions and use them as they please
    private property rights
  • Q5
    the principle that people may decide what agreements they want to enter into
    free contract
  • Q6
    the principle that people may decide what agreements they want to enter
    voluntary exchange
  • Q7
    the right of a government to take private property for public use
    eminent domain
  • Q8
    the concerns of a society as a whole
    public interest
  • Q9
    laws requiring companies to provide information about their products or services
    public disclosure laws
  • Q10
    This motive encourages innovation and is the basis for why people do what they do economically is to make a profit
    how is the profit motive the driving force of the American economy
  • Q11
    AS a consumer i decide what companies make and i have the ability to move between classes
    How do the decisions you make as a consumer affect economy
  • Q12
    People can determine their own pricing and who and what they trade for. making a push for certain products
    how does the principle of voluntary exchange promote competition
  • Q13
    the study of economic behavior and decision making in a nation's whole economy
  • Q14
    the study of the economic behavior and the decision making in small units such as households and firms
  • Q15
    the total value of all final goods and services produced in a country in a given year
    gross domestic product

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