Economic Concepts Quiz

What is the incentive to gain money by producing and selling goods and services, driving innovation and investment?

• Free enterprise

• Profit

• Profit motive

• Mixed economy

• Private property

What is a system in which both market forces and government regulation coexist, where the government intervenes in certain aspects of the economy?

• Profit

• Profit motive

• Private property

• Free enterprise

• Mixed economy

What is the money left over after all costs of production are subtracted from revenue?

• Profit

• Free enterprise

• Private property

• Profit motive

• Mixed economy

What is the ability for individuals or businesses to own and control resources, goods, or property?

• Profit

• Mixed economy

• Profit motive

• Free enterprise

• Private property

What are payments made by the government to individuals or groups without requiring any goods or services in return, such as welfare or social security?

• Free enterprise

• Subsidy

• Profit

• Private property

• Profit motive

What are goods that are provided by the government and are available for all to use, like national defense or street lighting?

• Profit motive

• Private property

• Free enterprise

• Profit

• Public goods

What is a situation where the market does not allocate resources efficiently or fails to provide enough goods or services, such as pollution or underproduction?

• Profit motive

• Free enterprise

• Market failure

• Profit

• Private property

What is the legal framework of laws and regulations that governs behavior, protects rights, and ensures fairness in transactions?

• Profit

• Private property

• Free enterprise

• Legal system

• Profit motive

What is an economic system where individuals and businesses are free to make their own choices, with minimal government intervention?

• Mixed economy

• Private property

• Free enterprise

• Profit

• Profit motive

What is the overall well-being of society, often prioritized by the government to ensure fairness, public services, and the correction of market failures?

• Public interest

• Profit motive

• Free enterprise

• Private property

• Profit