Char of Free Enterprise

This is the social & political commitment & freedom to start their own businesses & compete

• free enterprise system
• free response system
• free travel system
• freedom of choice

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes

The concept that people have the right and privilege to control their possessions as they wish.

• legal equality
• open opportunity
• private property
• profit incentive

The concept that people may decide what and when they want to buy and sell goods & services

• voluntary exchange
• legal equality
• private property
• open opportunity

The rivalry between sellers to get more customers by lowering costs & better goods/services

• voluntary exchange
• competition
• incentives
• legal equality

A shared good/service that government builds because it would be impractical for an individual 

• private good
• public good
• military good
• market failure

A _______________ is an exclusive right to a new product or invention for a number of years.

• copyright
• patent
• incentive
• legal equality

In the United States, you may_______________.

• start your own business to meet a need
• decide what fees to charge for a service or product
• own and run any business as long as the laws are obeyed
• all of the answers are correct

In the American Free Enterprise System, a business should keep ______down to increase income.

• innovation
• sales
•  costs
• production

Someone who organizes and manages land, capital, and labor to make a profit

• Businessman
• Entrepreneur 
• Lawyer
• CEO