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WorksheetsFree Enterprise Review (Economics)
Total questions: 15
Worksheet time: 15mins
This is another name for capitalism
Free Contract
Free Enterprise
Infrastructure
Legal Equality
What makes a Free Enterprise system Capitalist in nature
Anyone is free to start a business or enterprise
Everyone makes the same amount of money
Everyone must own a business
There is extreme government intervention
What is the ability of everyone to take part in the market by free choice?
Legal Equality
Free Contract
Profit Motive
Open Opportunity
What is another name for "a situation in which everyone has the same economic rights under the law"?
Positive Externality
Negative Externality
Legal Equality
Open Opportunity
What is the name of the force that encourages people and organizations to improve their material well-being from economic activities?
Market Failure
Profit Motive
Positive Externality
Free Rider
What occurs when people who do not take part within an economic transaction benefit from it?
Negative Externality
A Modified Free Enterprise Comes into Play
Market Failure
Wellfare is revoked
What is infrastructure?
Consists of all the goods and services that are necessary for the functioning of society
Consists of all the government funding of goods and services for the poorer consumers
Consists of all the taxes that are used to pay for public transfer payments
Consists of all the goods and services that are extra within the functioning of society
What is the side effect of products and/or services that affect someone other than the producer or buyer?
Profit
Infrastructure
Subsidy
Externality
What is a subsidy?
A government payment that helps cover the cost of an economic activity
A payment in which the government transfers income from taxpayers to recipients who do not provide anything in return
A product that is provided by a federal, state, and/or a local government and consumed by the public
A government program designed to protect people from economic hardships
Which of these is not an example of a Public Transfer Payment?
Medicare
Food Stamps
Social Security
Government Loans
What is an example of a free rider?
A grandmother giving money to her graduating grandchild
Someone watching a fireworks display
Somebody splitting a hotel bill down the middle with another person
A child purchasing a powerup on Subway Surfers
How are entrepreneurs important within the economy?
They buy lots of products
They provide many jobs
They give out free benefits
They make a ton of money to offset the poorer consumers
Why do producers enter a Free Enterprise Economy?
To make products
To seek profit
To provide income to lower class consumers
To create services for people
What is a person who benefits from economic transactions they are not a part of?
Economist
Entrepreneur
Externality
Free Rider
What is an example of a negative externality?
Fewer Oil Rigs
Industrial Pollution
Less Toxic Waste
Smaller buildings
