Economics Free Market System

Which of the following does not follow with the basic principles of market systems?

• People are driven by their desire to make a profit

• competition is discouraged

• people feel best when they freely trade for what they want

• innovation is encouraged

In a free market, one can expect a company to charge the highest possible prices they can to make the most money due to the concept of

• Competition

• Profit motive

• Voluntary exchange

• Private property

All of the following contribute to a free market system except

• Economic freedom

• Competition

• Competition

• Government ownership

Which actions would a coffee producer most likely take in response to a increase in the price it can charge for coffee

• Produce more coffee

• Produce less coffee

• Do nothing

• None of the above

What economic System is the one where individuals are in charge

• Planned

• Mixed

• Free Market

• Communism