
Econ Ch. 3 Vocab
Authored by Brendan Davila
Social Studies
12th Grade
Used 151+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the force that encourages people and organizations to improve their material well-being
Profit Motive
Open Opportunity
Private Property Rights
Free Contract
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the concept that everyone can compete in the marketplace
Profit Motive
Open Opportunity
Competition
Free Contract
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the concept that people have the right and privilege to control their own possessions as they wish
Profit Motive
Private Property Rights
Competition
Free Contract
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
allows people to decide what agreements they want to enter into
Voluntary Exchange
Private Property Rights
Competition
Free Contract
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
allows people to decide what and when they want to buy/sell, rather than forcing them to buy/sell at particular times/ specific prices
Voluntary Exchange
Private Property Rights
Competition
Free Contract
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the rivalry among sellers to attract customers while lowering costs
Profit Motive
Open Opportunity
Competition
Free Contract
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a private organization that tries to persuade public officials to act or vote according to the interests of the group’s members
Profit Motive
Open Opportunity
Interest Group
Free Contract
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