Chapter 1-3 Economics, Economic Systems, and American Free Enterprise

An income level below that which is needed to support a household is called

When some necessities have little value while some non-necessities have a higher value is known as

The purpose of government in a command economy is to

What are the government’s three goals for promoting economic strength?

The government's role in a mixed economy is that it is the

A government license that gives the inventor of a product the exclusive right to produce and sell it is called what?

The level of economic well-being that you experience is called the

What is another term for a modified private enterprise economy?

The three basic economic questions.

A government license that protects an author’s works is called

The principle that people have the right to control their possessions and use them as they wish is called what?

Specialization refers to

The concept of voluntary exchange means

What is the term for the right of the government to take private property for public use?

What is considered a negative effect of government regulation?

What are the four key principles of the free enterprise system?

Why are entrepreneurs important in a free enterprise economy?

The study of economics is important because it enables us to

The four factors of production.

Three examples of a service.

What is economic interdependence?

Health insurance for the elderly is provided by

A commitment to the value of hard work is called

How do consumers exercise their power in the American economy?

What is the term for the principle that people may decide what agreements they want to enter into?

Which group of people ultimately determines the products that a free enterprise economy produces?

The principle that everyone has the same legal rights is called what?

What is the profit motive?

Three examples of a good.

Three characteristics of capitalism.

What is the fundamental problem of economics?

Three economic and social goals.

Health insurance for the poor and disabled is provided by

A shared good or service that is paid for with taxes is called

Who plays the roles of protector, consumer, regulator, and promoter of economic goals in the United States?

Manufactured goods needed to produce other goods and services are called

What is one way the Constitution protects the free enterprise system?

The money used to buy the tools and equipment needed for production is known as

What is critical in determining whether something is produced as a public good?

For something to have value, it must