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ECON Chapter 3 Terms

Authored by Jason Nagel

Social Studies

11th - 12th Grade

ECON Chapter 3 Terms
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The driving force behind people going into business is

profit margin
profit motive
opportunity cost
taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the social & political commitment & freedom to start their own businesses & compete

free enterprise system
free response system
free travel system
freedom of choice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This concept insures that everyone can compete in the marketplace by opening a business:

profit incentive
legal equality
open opportunity
open market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept of giving everyone the same legal rights, equal protections & due process of law.

profit incentive
legal equality
open opportunity
open market

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept that people have the right and privilege to control their possessions as they wish.

legal equality
open opportunity
private property
profit incentive

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept that people may decide what and when they want to buy and sell goods & services

voluntary exchange
legal equality
private property
open opportunity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rivalry between sellers to get more customers by lowering costs & better goods/services

voluntary exchange
competition
incentives
legal equality

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