__________: An economic system where companies are privately-owned, versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation, driven by a profit-motive, and where prices are set by the market via the ebb and flow of supply and demand.
2-8 Role of Private Enterprise in US Economy Review

Quiz
•
English
•
9th Grade
•
Easy
Anita Smith
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capitalism
Socialism
Feudalism
Communism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic and totalitarian political system where there is no privately-owned property, where the government owns and controls the production and distribution of goods and services, where there are no classes, and people share equally from the benefits of labor.
Communism
Capitalism
Feudalism
Monarchy
3.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
__________: The rivalry between companies selling similar products and services, competing to attract customers with limited dollars to spend.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________: Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.
Entrepreneur
Employee
Investor
Manager
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic system that is a blend of capitalism and socialism.
Mixed Economic System
Traditional Economic System
Command Economic System
Market Economic System
6.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
A market where one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________: Also called the Market Economic System, or Free Market System, or Free Enterprise system, is an economic system where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulation.
Private Enterprise
Command Economy
Mixed Economy
Traditional Economy
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