Free Enterprise System

What is the driving force behind people going into business?

• Profit Margin

• Profit Motive

• Opportunity Cost

• Taxes

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

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

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

• Voluntary Exchange

• Competition

• Incentives

• Legal Equality

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

The concept that individuals are free to decide their own career

• Economic freedom

• Profit motive

• Self interest

• Voluntary exchange

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

Which benefit of the free enterprise system are you enjoying if you buy a car from your neighbor?

• Competition

• Contract

• Economic Freedom

• Voluntary Exchange

True or False: The American Free Enterprise System is sometimes referred to as a free market, market, or capitalist economy.

• True

• False

•