(ECO) - Ch.3 Vocabulary Quiz

What is the term for a federal program of social insurance and benefits?

• Social Security

• Medicare

• inflation

• fixed income

What is the term for income that does not increase even when prices go up?

• fixed income

• free enterprise

• voluntary exchange

• private property rights

What is the economic system that allows individuals to own and operate their own business?

• free enterprise

• voluntary exchange

• private property rights

• profit

What is the term for the right to own, use, or dispose of things of value?

• private property rights

• profit motive

• biofuels

• Great Recession

What is the term for the lowest wage that can be paid by law to most workers?

• minimum wage

• Social Security

• Medicare

• inflation

What is the term for a general increase in prices and fall in the purchasing value of money?

• inflation

• fixed income

• free enterprise

• voluntary exchange

What is the term for an economic system that has elements of traditional, command, and market economies?

• mixed economy

• modified free enterprise economy

• minimum wage

• Social Security

What is the term for the period of general economic decline during the late 2000s?

• Great Recession

• entrepreneurs

• consumer sovereignty

• mixed economy

What is the term for individuals who start new businesses, introduce new products, and improve management techniques?

• entrepreneurs

• consumer sovereignty

• mixed economy

• modified free enterprise economy

What is the term for the driving force that encourages individuals and organizations to improve their material well-being?

• profit motive

• biofuels

• Great Recession

• entrepreneurs