CE.12a

In the United States economy, business are allowed to keep earnings they make after all expenses have been paid. What are these earning called?

• profit

• price

• market place

• consumer sovereignty

Rivalry between producers of a good or service results in better quality goods and services at a lower price. This called -

• competition

• free market

• profit

• consumer sovereignty

What is profit?

• taxes paid to the government

• all of the money a business earns

• price consumers pay for goods & services

• money left after all expenses have been paid

All of the following are characteristics of the United States economy EXCEPT -

• consumer sovereignty

• private property

• free markets

• no competition

Dwayne "The Rock" Johnson starts a chicken nugget service during lunch. Michael Jordan starts another chicken nugget service during lunch. What benefits will the students at GOAT University receive as a result of these competing businesses?

• They won't have jacked up hands

• The school will smell like nail polish all day

• low quality high prices

• better quality with low prices

• low quality low prices

Sophia, Trey, Billy, Layne, and Landon have a term/essay paper writing service. They earn $500. They spend $100 on supplies. What is the remaining $400?

• interest

• profit

• credit

• snack money

In 2018 the game "Fort Night" came out and was very popular, because it was free. Because of the demand for it was so high. They began to charge a fee to play it. Had some people stealing credit cards to play. Interest then began to drop. What American Economy trait is this?

• free market

• private property

• competition

• consumer sovereignty

The ability of markets to operate with little government interference is what characteristic of the United States economy?

• private property

• free enterprise

• competition

• consumer sovereignty

The United States economy, outside of government involvement, is primarily a _______ economy.

• traditional

• free market

• command

• mixed

Because the U.S has some government involvement it is a -

• traditional economy

• mixed economy

• free market economy

• command economy