3.2 Flashcard

Front

An __________ is a risk-taking individual in search of profits.

Back

entrepreneur

Front

In a market, the __________ is the ruler by determining the goods and services produced.

Back

consumer

Front

An economic system with a combination of command, traditional, and market economies is known as a __________.

Back

mixed economy

Front

The national government plays the role of __________ by preserving marketplace competition.

Back

regulator

Front

An entrepreneur acts as __________ and spark plug, stimulating activity among forces or people.

Back

innovator

Front

The phrase “the customer is always right” is most often associated with what term?

Back

consumer sovereignty

Front

In its role as a regulator, what is the government’s primary responsibility?

Back

It establishes laws and rules to maintain competition.

Front

In its role as protector of the American free enterprise system, one of the issues the government must deal with is ________.

Back

environmental hazards

Front

Who ultimately determines the success of a product?

Back

the consumer

Front

Consumers can influence the production and sale of goods by ________.

Back

"voting" with their dollars