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Free Enterprise Test
| Question | Answer |
|---|---|
| Profit Motive | the force that encourages people and organizations to improve their material well-being |
| Open Opportunity | the concept that everyone can compete in the marketplace |
| Private Property Rights | the concept that people have the right and privilege to control their possessions as they wish |
| Free Contract | the concept that people may decide what agreements they want to enter into |
| Voluntary exchange | the concept that people may decide what and when they want to buy and sell |
| Competition | the rivalry among sellers to attract customers while lowering costs |
| Interest Group | a private organization that tries to persuade public officials to act or vote according to group members' interests |
| Public Disclosure Laws | laws requiring companies to provide full information about their products |
| Public Interest | the concerns of the public as a whole |
| Macroeconomics | the study of the behavior and decision making of entire economies |
| Microeconomics | the study of the economic behavior and decision making of small units, such as individuals, families, and businesses |
| Gross Domestic Product (GDP) | the total value of all final goods and services produced in a particular economy |
| Business Cycle | a period of macroeconomic expansion followed by a period of contraction |
| Work Ethic | a commitment to the value of work and purposeful activity |
| Technology | the process used to produce a good or service |
| Public Good | a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers |
| Public Sector | the part of the economy that involves the transactions of the government |
| Private Sector | the part of the economy that involves the transactions of individuals and businesses |
| Free Rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good |
| Market Failure | a situation in which the market does not distribute resources efficiently |
| Externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| Poverty Threshold | an income level below that which is needed to support families or households |
| Welfare | government aid to the poor |
| Cash Transfers | direct payments of money to eligible poor people |
| In-kind Benefits | Goods and services provided for free or at greatly reduced prices |
Created by:
weakstick
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