Market Economies

An individual's right to own a business, select a market to enter, and produce with limited government direction is called private enterprise. 

• True
• False

Your right to private property means that you can own, use, and dispose of things of value.

• True
• False

The government owns the businesses and controls the economy in a 

• market economy
• command economy
• laissez-faire economy
• traditional economy

Another term for capitalism is:

• free enterprise
• profit
• private property
• command economy

Market economies are generally found in countries that have a _____for of government.

• democratic
• communist
• socialist
• patriarchal

The desire to work hard, to be creative, and to satisfy customers in order to earn a profit is called

• competition
• supply and demand
• capitalism
• the profit motive

In a(n) __________ economy, businesses and individuals are free to make their own decisions as they buy and sell in the marketplace.

• market economy
• command economy
• laissez-faire 
• traditional economy

__________ means that economic resources are privately owned by individuals rather than by the government.

• Socialism
• Competition
• Profit motive
• Capitalism

The rivalry among businesses to sell their products and services to customers is called 

• Competition
• Capitalism
• Profit motive
• Private enterprise

This economy would most likely have a dictator.

• Mixed
• Capitalism
• Socialism
• Communism