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WorksheetsCompetition & Free Enterprise
Total questions: 35
Worksheet time: 18mins
Another word used to describe a free enterprise system is:
communism
capitalism
nationalism
none of the above
In a free enterprise system, the government places ________________ restrictions on businesses and its citizens:
minimum
maximum
normal
abnormal
This nations government does NOT use a free enterprise system:
Canada
United States
North Korea
South Korea
True or False:
The U.S. government allows businesses to produce and sell
products which express an opinion:
True
False
All of the following are characteristics of a free enterprise system EXCEPT:
freedom to pursue an education
freedom to seek employment
freedom to scam others
freedom to purchase property
In a free enterprise system, the spending habits of _____ determine which products and services to offer:
Consumers
Government
Professors
Politicians
This is an individual who purchases a good or service for their own consumption:
Consumer
Profit
Entrepreneur
Economist
In this type of economy, the goods and services produced are for the producers own consumption (they don’t sell the goods to earn a profit):
Command Economy
Competition
Traditional Economy
Scarcity
When two or more businesses produce and sell similar products and compete against each other
War
Competition
Game
Scarcity
Occurs when the resources to produce goods, or offer services are limited and/or costly
Competition
Economic System
Scarcity
Profit
The amount of money a business earns when selling a good
Profit
Consumer
Entrepeneur
Competition
Competition does NOT encourage companies to do which of the following?
Decrease advertising
Improve products
Reduce prices
Target different markets
Laissez-faire is a Danish term which literally translates to “to each his own.”
True
False
Which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality?
Capitalism
Communism
Free enterprise
Socialism
__________ accounts for all income before deductions, but __________ is monetary gain after subtracting operating costs.
Principle; return
Profit; revenue
Return; principle
Revenue; profit
Which of the following allow fair access to markets for entrepreneurs and are sometimes known as competition laws?
Anti-trust laws
Capitalistic laws
Free enterprise laws
Trade laws
Which type of market structure has only one firm producing a product?
Monopolistic competition
Monopoly
Oligopoly
Pure competition
What type of economic system does the United States use?
Traditional Market
Free Enterprise
Command Market
Socialist Enterprise
What is a benefit of the "freedom to choose your own job?"
People are more productive and happier
People can afford to make money off the land they own
Better Quality Items at Lower Cost
Motivates people to work hard
What happens if only one company in the whole world produced every cell phone in the world?
They could charge whatever they want
Better quality items
Lower prices
Better apps
French term meaning “let do,” belief that the government should have a hands off approach and stay out of the economy
laissez-faire
bonjour
competition
je suis
income before any deductions are taken out
revenue
income
profit
checking
The dairy farmer MILKING the COWS is...
production
distribution
consumption
economics
The truck delivering dairy products to the grocery store is...
production
distribution
consumption
economics
You, at home, drinking the milk with cookies is...
production
distribution
consumption
economics
Cotton being harvested from the field is...
production
distribution
consumption
economics
Cotton being used to make t-shirts at a factory is...
production
distribution
consumption
economics
T-shirt being purchased by your parent for you to wear is...
production
distribution
consumption
economics
The government tries to keep a (a) and build confidence in the economy.
