2-8 Role of Private Enterprise in US Economy Review

2-8 Role of Private Enterprise in US Economy Review

9th Grade

15 Qs

quiz-placeholder

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2-8 Role of Private Enterprise in US Economy Review

2-8 Role of Private Enterprise in US Economy Review

Assessment

Quiz

English

9th Grade

Easy

Created by

Anita Smith

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________: 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.

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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