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Ch. 2-Econ. Systems

Economic Systems

QuestionAnswer
It is useful to refer to the U.S. economy as a __________________ system, even though it includes some features of socialism and is therefore technically a mixed economy. mixed
In a free-enterprise economy, goods are produced for people who are ___________ and __________ to buy them. willing and able
The five major features that define free enterprise are private property, choice, competition, economic incentives, and ____________________________. voluntary exchange
Total revenue can be calculated by multiplying the _______ of the good times the number of units of the good sold. price
When total revenue is _______________________ total cost, there is a profit. greater than
Supporters of the free enterprise system believe that an ethical economic system produces goods and services preferred by both the ___________________ and the __________________ . majority and the minority
Economists call someone who receives the benefits of a good without paying for it a _____________________ . free rider
A ____________________ is any place where people come together to buy and sell goods or services. market
In the free enterprise economy of the United States, most economic decisions are made by: individual consumers and individual producers
He wrote Wealth of Nations and is considered the father of economics. Adam Smith
In socialist economies, most capital goods are owned by the government
Private property, competition, and the profit motive are common in economies that are: capitalist (market or free-enterprise)
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