Free

Match the economic systems to its characteristics or meaning.

• Customs, family, and historical basis

• Mixed economy

• Private sector, profit, and minimal gov.

• Free Market

• Centrally owned by the government

• Traditional economy

• Public and private sectors

• Command economy

This feature of Free Enterprise includes the desire for profit and improving material well-being

• Self-Interest

• Economic Freedom

• Voluntary Exchange

• Profit Motive

What is the primary characteristic of a free market economy?

• Government control

• Consumer choice

• Fixed pricing

• Monopoly

Which of the following is a fundamental principle of free enterprise?

• Central planning

• Government ownership

• Private property

• State control

In a free society, which right is considered essential for democracy?

• Right to bear arms

• Right to free speech

• Right to privacy

• Right to work

What does the term 'free trade' refer to?

• Trade without tariffs

• Trade with government subsidies

• Trade with quotas

• Trade with restrictions

Which document famously begins with 'We the People' and emphasizes freedom?

• The Magna Carta

• The Declaration of Independence

• The U.S. Constitution

• The Bill of Rights

What is the role of competition in a free market?

• To eliminate small businesses

• To drive innovation and efficiency

• To increase prices

• To reduce consumer choice

Which amendment to the U.S. Constitution guarantees freedom of the press?

• First Amendment

• Second Amendment

• Fourth Amendment

• Fifth Amendment

What is a key benefit of free trade agreements?

• Increased tariffs

• Reduced competition

• Economic growth

• Trade barriers