free enterprise

Front

The money left after production costs are subtracted from revenue is called

Back

profit

Front

A person who chooses to, and is free to, open a grocery store is participating in a

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free enterprise economy

Front

Most people are inspired to start a business by the

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profit motive

Front

What is the role of producers?

Back

Make the product

Front

Which is an example of competition changing the marketplace? Options: a chain bookseller forcing many individual booksellers to go out of business, a chain hot dog restaurant failing to make a large profit, a chain coffee shop having no effect on individual coffee shops, a chain restaurant expanding its menu to include desserts

Back

a chain bookseller forcing many individual booksellers to go out of business

Front

Free contract means that people can chose

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for themselves what legal agreements to enter into

Front

The incentive to improve material well-being by seeking to gain from economic activities is called

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profit motive

Front

Government restricts free enterprise through

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income redistribution

Front

In the marketplace, producers are looking to

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earn a profit

Front

Open opportunity helps to ensure that everyone is free to

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start businesses