Civics Chapter 16

What Economic freedom states Americans are free to buy and sell legal product and service?

• Economy

• Freedom to Earn a Profit

• Freedom to Buy and Sell

• Law of Supply

The nation's method of using its resources to care for the needs and the wants of its people

• economy

• standard

• capitalism

• patent

What Economic freedom states that businesses in the U.S. compete with one of another for customers

• Freedom to Earn a Living

• Freedom to Earn a Profit

• Freedom to Own Property

• Freedom to Compete

What Economic freedom states American workers are free to compete for the best jobs their training qualifies them to perform.

• Freedom to Earn a Profit

• Freedom to Earn a Living

• Freedom to Own Property

• Freedom to Buy and Sell

What is one role the government plays in the economy?

• demand 50% or your profit

• give away money

• helps small businesses

• none of the above

What are the 4 factors of production?

• land, labor, management, and profit

• management, profit, economy, and capital

• stock, bonds, corporations, and partnership

• land, capital, labor, and management

What ways are American businesses organized?

• proprietorships

• partnerships

• corporations

• all of the above

A company has a ____________ if it is the only firm selling a product or providing a service.

• monopoly

• merger

• stock

• all of the above

What is 1 of the 5 main features of a corporation?

• Individuals are held to a high standard if they want a profit

• Individuals are not responsible for the debts of a corporation

• Individuals are allowed to have fun at work

• none of the above

A share of ownership in a corporation

• bond

• command

• boss

• stock