Economic Systems
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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| 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. | show 🗑
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| In a free-enterprise economy, goods are produced for people who are ___________ and __________ to buy them. | show 🗑
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| show | voluntary exchange
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| Total revenue can be calculated by multiplying the _______ of the good times the number of units of the good sold. | show 🗑
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| When total revenue is _______________________ total cost, there is a profit. | show 🗑
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| Supporters of the free enterprise system believe that an ethical economic system produces goods and services preferred by both the ___________________ and the __________________ . | show 🗑
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| Economists call someone who receives the benefits of a good without paying for it a _____________________ . | show 🗑
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| show | market
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| In the free enterprise economy of the United States, most economic decisions are made by: | show 🗑
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| He wrote Wealth of Nations and is considered the father of economics. | show 🗑
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| In socialist economies, most capital goods are owned by | show 🗑
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| Private property, competition, and the profit motive are common in economies that are: | show 🗑
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Created by:
teacherdavidfrost
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