Free Enterprise System

Free Enterprise System

12th Grade

9 Qs

quiz-placeholder

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Free Enterprise System

Free Enterprise System

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Kristin Wood

Used 25+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the driving force behind people going into business?

Profit Margin

Profit Motive

Opportunity Cost

Taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept that people have the right and privilege to control their possessions as they wish?

Legal Equality

Open Opportunity

Private Property

Profit Incentive

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept that people may decide what and when they want to buy and sell goods & services?

Voluntary Exchange

Economic Freedom

Private Property

Open Opportunity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the rivalry between sellers to get more customers by lowering costs & better goods/services?

Voluntary Exchange

Competition

Incentives

Legal Equality

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept that consumers are free to buy what they want and will buy what suits them

Voluntary exchange

Economic freedom

Self interest

Profit motive

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept that individuals are free to decide their own career

Economic freedom

Profit motive

Self interest

Voluntary exchange

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which benefit of the free enterprise system are you enjoying if you quit your job to take a different job with a higher salary?

Competition

Economic Freedom

Self Interest

Voluntary Exchange

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