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Unit 06 (1a-1c)

White 06 - Unit 6 (1a-1c)

QuestionAnswer
Why is the United States a Mixed Economy and NOT a Free Market Economy? The government intervenes in the economy if the benefits outweigh the costs
What exists when buyers and sellers exchange goods and services? Markets
What is the best description of free enterprise in a mixed economy? Markets operate with little government interference
What determines prices in a mixed economy? Supply and Demand Buyers and Sellers
Marcus runs a food truck. After paying for supplies and wages, he has money left. What is this leftover money called? Profit
A grocery store upgrades service and lowers prices to compete with a new store. What is influencing their decision? Competition
A restaurant changes its menu after customers stop ordering certain dishes. What is this an example of? Consumer Sovereignty
Individuals and businesses in the United States have the right to own __________ without undue interference from the government. Private Property
(TRUE/FALSE) In the United States, most economic decisions are made by individuals and businesses, and government involvement is limited. TRUE
Created by: Warren_Fisher
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