Free Enterprise Review

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

In this feature of Free Enterprise, consumers have the right to make legally binding written or oral contracts/agreements to buy and sell goods.

• Private Property

• Contracts

• Self-Interest

• Economic Freedom

Consumers and sellers make decisions that benefit them and do not have worry about pleasing the government or anyone else.

• Self-Interest

• Private Property

• Contracts

• Competition

True or False. Macroeconomics looks at the behavior and decision making of the entire economy.

• True

• False

What is the total value of all final goods and services produced in the economy?

• Microeconomics

• Macroeconomics

• Gross Domestic Product (GDP)

• Business Cycle

Social Security, SNAP (food stamps), head start, unemployment insurance, and workman's comp are examples of

• Public Goods

• Private Goods

• Safety Nets

• Contracts

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes