Free Enterprise System

Free enterprise system is also called

• Free Market Economy

• Free Life Economy

• Free Money Economy

• Free Business Economy

If there is a high demand, but low supply of a product the price will...

• be the same

• be higher

• be lower

• change randomly

Trading goods and services for other goods and services is called

• trading

• sharing

• giving

• bartering

Buying bubble gum and a soda from the gas station makes you a

• producer

• service

• consumer

• employee

When there is not enough of a good or service to meet peoples wants or needs it is called

• bartering

• scarcity

• marketing

• demanding

When the supply for a product is high, but the demand for the product is low, the price will

• be higher

• be the same

• be lower

• change randomly

Making lemonade and selling it at a lemonade stand for 25 cents makes you a

• producer

• giver

• consumer

• employee

In a free market economy people can

• only buy or sell what the government says

• run any business they want

• choose a business from a list of options

• only buy goods

The government's job in a free market economy is to

• tell people and business what to do

• control who buys what

• control who sells what

• make sure all businesses are run fairly

Who gets to decide what price to sell a product for?

• the store where it's being sold

• the person or company that made it

• the people buying it

• the government