click below
click below
Normal Size Small Size show me how
Unit 06 (1a-1c)
White 06 - Unit 6 (1a-1c)
| Question | Answer |
|---|---|
| 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 |