Economic Systems
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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. | mixed
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| In a free-enterprise economy, goods are produced for people who are ___________ and __________ to buy them. | willing and able
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| The five major features that define free enterprise are private property, choice, competition, economic incentives, and ____________________________. | 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. | price
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| When total revenue is _______________________ total cost, there is a profit. | greater than
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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 __________________ . | majority and the minority
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| Economists call someone who receives the benefits of a good without paying for it a _____________________ . | free rider
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| A ____________________ is any place where people come together to buy and sell goods or services. | market
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| In the free enterprise economy of the United States, most economic decisions are made by: | individual consumers and individual producers
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| He wrote Wealth of Nations and is considered the father of economics. | Adam Smith
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| In socialist economies, most capital goods are owned by | the government
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| Private property, competition, and the profit motive are common in economies that are: | capitalist (market or free-enterprise)
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