Chapter 3 Review Econ

People have the right to choose their jobs & business gets to make their own decisions

• Competition

• Private Property

• Economic Freedom

• Self-Interest

People & Business can buy & sell their property as well as ban others from using it

• Economic Freedom

• Private Property

• Competition

• Self-Interest

This feature of Free Enterprise creates rivalries between business to attract/gain business and pushes businesses to create new and better products.

• Self-Interest

• Profit Motive

• Voluntary Exchange

• Competition

This feature of Free Enterprise includes consumers & producers willingly buying and selling goods.

• Voluntary Exchange

• Self-Interest

• Profit Motive

• Economic Freedom

This feature of Free Enterprise includes the desire for profit and improving material well-being

• Self-Interest

• Economic Freedom

• Voluntary Exchange

• Profit Motive

Which of the following is NOT part of the government stabilizing the economy.

• Controlling the goods made

• Promoting steady Growth

• Keeping prices stable

• Keeping unemployment low

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes

An economic system in which businesses compete against one another free of government control

• Socialism
• Free Enterprise
• Product
• Marketing

Consumers have the ability to determine what goods and services will be produced through their purchases-

• Consumer Sovereignty

• Central planning

• Free Enterprise

• Private Property

Someone who takes a risk to produce goods and services in search of a profit

• Partnership

• Corporation

• Proprietorship

• Entrepreneur