Chapter 3 The American Free Enterprise Systems

When an economy is capitalist and has free markets, it can be said that the economy is based on? (Hint: The US is this system...)

• free enterprise

• Limited Government

• Great Recession

• profit motive

• private property rights

This is one of the characteristics of the U.S. economies role of the government?

• free enterprise

• Limited Government

• Great Recession

• profit motive

• private property rights

This allows people to own and control their possessions as they see fit, as long as it does not interfere with the rights of others?

• free enterprise

• Limited Government

• Great Recession

• profit motive

• private property rights

The dollar value of all final goods, services, and structures produced in a country in a year is known as _______ .

• Gross Domestic Product

• Gross National Product

• franchise

• profit motive

The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as _______ .

• voluntary exchange

• profit motive

• property rights

• competition

What gives people and businesses the opportunity to make their own decisions?

• profit motive

• economic freedom

• command economy

• free enterprise

risk-taking individual in search of profits

• regulator

• entrepreneur

• mixed economy

• catalyst

• consumer

ruler of the market in determining goods and services produced

• regulator

• entrepreneur

• mixed economy

• catalyst

• consumer

The phrase "the customer is always right" is most often associated with what term?

• entrepreneurship

• consumer sovereignty

• mixed economy

• regulatory government

Who ultimately determines the success of a product?

• the government

• the business producing the product

• the consumer

• the store selling the product