Free

A person who chooses to, and is free to, open a grocery store is participating in a

• command economy

• centrally-planned economy

• free enterprise economy

• traditional economy

refers to the unrestricted flow of goods, services, and productive resources between countries

• free trade

• balance of trade

• trade surplus

• trade deficit

Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.

• arguments against free trade

• arguments for free trade

This feature of Free Enterprise includes consumers & producers willingly buying and selling goods.

• Voluntary Exchange

• Self-Interest

• Profit Motive

• Economic Freedom

What is the term for an economic system where the government has minimal intervention and individuals have the freedom to make their own economic decisions?

• Command economy

• Mixed economy

• Free market economy

• Traditional economy

Which of the following is a principle of free enterprise that allows individuals to own and control their own property?

• Public ownership

• Private property rights

• Collective ownership

• State ownership

What is the term for the freedom of consumers to choose how to spend or save their income without government interference?

• Consumer sovereignty

• Consumer protection

• Consumer rights

• Consumer advocacy

Which of the following best describes a situation where businesses can operate with little government regulation?

• Regulated market

• Free enterprise

• Monopoly

• Oligopoly

What is the economic policy that promotes the unrestricted exchange of goods and services between countries?

• Protectionism

• Free trade

• Tariffs

• Quotas

Which of the following is a benefit of free trade?

• Increased tariffs

• Trade barriers

• Economic growth

• Import restrictions