Coach Sutton
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Act of buyers and sellers freely and willing engaging in market transactions. | Voluntary Exchange
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| Incentive that encourages people and organizations to improve their material well-being. | Profit Motive
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| Organized way in which a society provides for the wants and needs of its people. | Economic System
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| Extent to which individuals or organizations are better off at the end of a specific period than they were at the beginning. | Profit
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| Economic system that has some comination of traditional, command, and market economys. | Mixed Economy
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| Feature of capitalism that allows people to own and control their possessions. | Private Property Rights
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| Economic system in which provate citizens own the factors of production. | Capitalism
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| Federal program of disability and retirement benefits that covers most working people. | Social Security
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| Economix systems in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions. | Command Economic
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| Does not increase even if proces go up. | Fixed Income
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| The role of goverment in a command economy is to. . . | Make major economic decisions
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| An example of a market economy is. . . | The United States
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| Which group of people ultimately determines the products that a free enterprise economy produces? | Consumers
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| The United States can be best described as having a. . . | Modified Free Enterprise system
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| Who plays one of the most important roles in the free enterprise system by starting new businesses? | Entrepreneurs
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| Role of the consumers as ruler of the market. | Consumer Sovereignty
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| Political and economic system in which the goverment owns and controls some, but not all, of the basic productive resources. | Socialism
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| Program that provides retirement and disability benefits for working people. | Social Security
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| Econimic system in which the allocation of resources and nearly all other economic activity stems from ritual, habit, or custom. | Traditional Economy
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| Struggle among sellers to attract consumers. | Competition
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| Economy in which people carry on their economic affairs freely but are subject to some goverment intervention and regulation. | Modified Free Enterprise Economy
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| Condition of the economy when the unemployment rate is lower than a certain percentage established by economists' studies. | Full Employment
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| Sysytem in which the goverment controls the factors of production and makes all decisions about their use. | Command Economy
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| Degree to which people are better off financially at the end of a specific period than they were at the beginning. | Profit
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| Rise in the general level of prices | Inflation
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| Which of the following is a characteristic of a traditional economy. . . | It discourges new ideas and new ways of doing things.
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| A market economy. . . | Limits the choices of goods and sevices available.
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| The minimum wage is an example of a federal law that supports. . . | Economic equailty
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| The concept of voluntary exchange means. . . | People freely and willingly engage in market tranactions.
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| Which encomoic system can change direction quickly adn drastically? | Command.
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