Free Enterprise System

Multiple Choice

Who is considered the father of Economics, is the Scottish author of An Inquiry into the Nature and Causes of the Wealth of Nations ?

• Adam Smith

• Fedrick Hayek

• John Maynard Kaynes

• Abraham Lincoln

Match

Match the following

• Competition

• Property Rights

• Economic Freedom

• Incentives

struggle for consumers business

right of ownership and control

free to make your owneconomic decisions

encourages certain economic choices

• struggle for consumers business

• right of ownership and control

• free to make your owneconomic decisions

• encourages certain economic choices

Multiple Choice

In a free market society, the answer to the question about how much to produce is determined by-

• census data

• profit projections

• consumer demand

• government quotes

Multiple Choice

Which is NOT characteristic of Free Enterprise System

• competition between business owners

• Government ownership of the factors of production

• Responsive prices and a variety of goods

• Investment Opportunities and economic freedom for producer and consumer

Multiple Choice

What characteristic of the US free enterprise system creates the incentive to work, save and invest?

• Social security

• Voluntary exchanges

• private property ownership

• Consumer sovereignty (eco freedom)

Categorize

Options (15)

competition

private property

entrepreneurship

profit motive

consumer choice

Workers' rights

Collective ownership

Income equality

Public ownership of resources

Social welfare programs

collective farming

central planning

proletariat dictatorship

Marxism-Leninism ideology

Veriety of goods and services

Organize these options into the right categories

Free Enterprise System

Socialism

Communism